BEVM stablecoin CDP Satoshi Protocol has raised $2 million in its seed funding round. 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 fresh capital in hand, Satoshi Protocol plans to enhance 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 incorporate a Collateralized Debt Position (CDP) protocol into BEVM, offering a way to obtain liquidity for BTC through the SAT dollar stablecoin, making BTCFi more versatile. This approach is said to open up trillions of dollars of liquidity to the world, allowing users to hold their Bitcoin while accessing funds.
New developments like inscriptions and scaling solutions are breathing new life into the Bitcoin ecosystem. But there is still one big problem: the lack of a reliable, fiat-pegged cryptocurrency for easy trading and efficient pricing in the market. That’s where the Satoshi Protocol comes in.
By allowing users to borrow SAT with their Bitcoin as collateral, it provides a deep liquidity solution for the Bitcoin ecosystem.
The Satoshi Protocol allows users to use BTC/LST as collateral to mint the $SAT stablecoin on both the Bitcoin mainnet and multiple Layer 2 platforms.
“The support of our investors is crucial 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 enables 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. Additionally, the protocol collaborated with the Binance Web3 Wallet campaign, which saw over 172,000 users participate.
“Satoshi Protocol’s approach to integrating stablecoins is a true advancement within the Bitcoin ecosystem,” said Vineet Budki, Managing Partner at Cypher Capital. “This investment reflects our confidence in their ability to improve liquidity options for Bitcoin users and the overall utility of Bitcoin.”
