TLDR:
- Satoshi Protocol completes seed funding round with $2 million investment led by CMS Holdings and RockTree Capital.
- Platform plans to expand capabilities, improve security, and integrate with other layer-2 solutions built on the Bitcoin ecosystem.
Satoshi Protocol, the first collateralized debt position (CDP) protocol built on the Bitcoin network, has successfully completed its seed funding round with a $2 million investment. The funding was led by major venture capital firms CMS Holdings and RockTree Capital, along with contributions from other VC companies and undisclosed angel investors.
The platform intends to use this investment to expand its capabilities, enhance security measures, and integrate with other layer-2 solutions within the Bitcoin ecosystem. This expansion aims to increase the platform’s presence in the industry and make it accessible to a wider range of users worldwide. Additionally, the protocol plans to create a universal stablecoin that meets the needs of Bitcoin users.
As part of its strategic partnerships, Satoshi Protocol recently collaborated with Binance Web3 Wallet for a joint marketing campaign, engaging over 172,000 users. The platform also secured a partnership with the Lorenzo blockchain to enhance utility and yield opportunities within the Bitcoin ecosystem. Furthermore, collaborations with other entities like Bido have enabled users to use LST wstBTC as collateral for borrowing SAT.
Overall, the completion of the seed funding round marks a significant milestone for Satoshi Protocol, allowing the platform to further develop its offerings, strengthen security measures, and expand its reach in the crypto economy.
