Satoshi Protocol, a stablecoin protocol backed by Bitcoin (BTC), has successfully raised $2 million in its seed funding round led by CMS Holdings and RockTree Capital.
The protocol, which permits Bitcoin holders to make utilize of their money as collateral to mint the native SAT stablecoin, plans to make utilize of the funds to beef up network safety and expand its integration across Layer-2 solutions, aiming for extra traction inside of the ecosystem.
Satoshi Protocol currently integrates with plenty of Bitcoin protocols, including Bitlayer, BEVM, Omni Community, and Core Chain. The protocol lately collaborated with Binance’s Web3 Wallet Advertising and marketing and marketing campaign, reaching over 172,000 users.
Satoshi Protocol’s stablecoin integration
In an announcement, Satoshi Protocol co-founder and CEO Naka talked about that the funding round is a colossal increase for the protocol. Among diversified advantages, its a step in the suitable route because the protocol seems to be to invent “a typical stablecoin that meets the wants of Bitcoin users.”
Capital injection will enable it to attain its market and development desires, Naka added.
On the Satoshi Protocol, users can mint SAT stablecoins with BTC and liquid staking tokens (LST) as collateral. The minting can is available each on the Bitcoin mainnet and L2 networks inside of the ecosystem, a component that has considered Satoshi Protocol rob the lead in bringing stablecoin utility to Bitcoin.
“Satoshi Protocol’s skill to integrating stablecoins is a right step forward inside of the Bitcoin ecosystem,” Vineet Budki, managing accomplice at Cypher Capital, commented.
The investment reflects the VC platform’s self assurance in Satoshi Protocol, Budki added, noting that the L2 has boosted liquidity suggestions for BTC holders.
Other than Cypher Capital and RockTree, the seed round attracted the participation of Metalpha, Optic Capital, Facet Door Ventures and Outliers Fund. The funding also got backing from well-known angel investors.
