BEVM stablecoin CDP protocol, Satoshi Protocol, has secured $2 million in its seed round. The financing 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 fresh capital in hand, Satoshi Protocol plans to upgrade security measures, expand integrations across multiple Layer 2 solutions, and increase the protocol’s global presence, Investing.com has learned.
The Satoshi Protocol is the first to bring a Collateralized Debt Position (CDP) protocol to BEVM, offering a way to get liquidity for BTC through the SAT dollar stablecoin, making BTCFi more versatile. This approach is said to open up trillion-dollar liquidity in the world, allowing users to keep their Bitcoin while accessing funds.
New developments like inscriptions and scaling solutions are breathing new life into the Bitcoin ecosystem. But there’s still a big problem: the lack of a reliable, fiat-pegged crypto for easy trading and efficient market pricing. That’s where Satoshi Protocol comes in.
By letting users borrow SAT with their Bitcoin as collateral, it provides a deep liquidity solution for the Bitcoin ecosystem.
Satoshi Protocol enables users to collateralize BTC/LST to mint the stablecoin $SAT on both Bitcoin mainnet and multiple Layer 2 platforms.
“The support from our investors is crucial as we work towards creating a universal stablecoin that meets the needs of Bitcoin users,” said Naka, Founder & CEO of Satoshi Protocol. “This funding allows us to achieve these critical development and market goals.”
Satoshi Protocol has already gained traction with several integrations with platforms such as BOB, Bitlayer, BEVM, Core Chain, Botanix, B^2, Alys/Anduro (Marathon Holding), and Omni Network. Moreover, the protocol collaborated with the Binance Web3 Wallet Campaign, engaging over 172,000 users.
“Satoshi Protocol’s approach to integrating stablecoins is a real leap forward within the Bitcoin ecosystem,” commented Vineet Budki, Managing Partner at Cypher Capital. “This investment reflects our confidence in its ability to enhance liquidity options for Bitcoin users and Bitcoin’s overall utility.”