TLDR:
- SaltLayer, a Bitcoin-powered restaking platform, secured $8 million in pre-seed funding.
- The platform allows users to earn rewards on their BTC by staking and liquid restaking.
SaltLayer, a Bitcoin-powered restaking platform, has announced that they have successfully completed an $8 million pre-seed funding round. The platform, built on the Babylon staking protocol, received backing from various crypto-focused venture capital firms, including Castle Island Ventures and Hack VC. With this funding, SaltLayer aims to bring its restaking product to the growing Bitcoin market.
The SatLayer platform allows users to earn rewards on their BTC through staking and liquid restaking. The ecosystem is powered by Babylon, which recently secured $70 million in funding led by Paradigm. Users can deposit their liquid staking tokens to help secure Bitcoin Validated Services (BVSs) and earn rewards in return. This process involves depositing Wrapped Bitcoin (WBTC) or BTC liquid staking tokens from various platforms like Solv Protocol, PumpBTC, pStake, Lombard, and Bedrock.
Other venture capital firms that participated in SaltLayer’s pre-seed funding round include Franklin Templeton Digital Assets, OKX Ventures, and Mirana Ventures. The platform is set to benefit decentralized applications and infrastructure providers by offering users the opportunity to lock their BTC for yield and generate rewards.
This funding round marks a significant milestone for SaltLayer as they continue to expand their offerings in the Bitcoin staking market, allowing users to optimize their earnings through staking and restaking processes.
