BEVM stablecoin CDP Satoshi Protocol has secured $2 million in seed funding. The funding round was jointly led by CMS Holdings and RockTree Capital, with additional participation from Cypher Capital, Metalpha, Optic Capital, Side Door Ventures, Outliers Fund, and other angel investors.
With the fresh capital in hand, Satoshi Protocol plans to upgrade its security measures, expand integration across multiple Layer 2 solutions, and expand the protocol’s global presence, Investing.com has learned.
The Satoshi Protocol is the first to introduce the Collateralized Debt Position (CDP) protocol to BEVM, offering a way to obtain liquidity for BTC via the dollar stablecoin SAT, making BTCFi more versatile. This approach is said to open up trillions of dollars of liquidity worldwide, allowing users to keep their Bitcoin while still accessing their funds.
New developments like inscriptions and scalable solutions are breathing fresh life into the Bitcoin ecosystem. But there is still a large problem: the lack of a reliable, fiat-linked cryptocurrency for straightforward trading and productive market pricing. This is where the Satoshi Protocol comes in.
By allowing users to borrow SAT against their Bitcoin, it provides the Bitcoin ecosystem with a profound liquidity solution.
The Satoshi protocol allows users to collateralize BTC/LST to mint the $SAT stablecoin on both the Bitcoin main network and multiple Layer 2 platforms.
“The support of our investors is critical as we work to create a universal stablecoin that meets the needs of Bitcoin users,” said Naka, founder and CEO of Satoshi Protocol. “This funding allows us to achieve these key growth and market goals.”
The Satoshi protocol has already gained popularity with several integrations with platforms such as BOB, Bitlayer, BEVM, Core Chain, Botanix, B^2, Alys/Anduro (Marathon Holding), and Omni Network. Additionally, the protocol has collaborated with the Binance Web3 Wallet Campaign, engaging over 172,000 users.
“Satoshi Protocol’s approach to stablecoin integration is a real step forward for the Bitcoin ecosystem,” said Vineet Budki, Managing Partner at Cypher Capital. “This investment reflects our confidence in its ability to expand liquidity options for Bitcoin users and the overall utility of Bitcoin.”
