DeFi Technologies Stakes 1,498 BTC on Core Chain Validator

by

As a crypto investor with a few years of experience under my belt, I’m always on the lookout for promising developments in the DeFi (Decentralized Finance) space. The announcement by DeFi Technologies Inc. about deploying a Core Chain validator node and staking 1,498 BTC piqued my interest.

DeFi Technologies Inc. has revealed the implementation of a validator node for Core Chain within its DeFi Infrastructure division. This node is anticipated to play a significant role in the Core Chain network as it verifies transactions and produces blocks, thereby strengthening the network’s security and improving its operational speed.

As a financial analyst at DeFi Technologies, I’m excited to share that our team has decided to invest 1,498 BTC in staking on the Core Chain. Instead of merely holding these Bitcoin as passive assets, we aim to actively contribute to the digital asset sector and earn rewards. Additionally, by employing a non-custodial staking process, DeFi Technologies will remain in control of our Bitcoin holdings while still participating in network consensus. This approach allows us to maintain custody and securely validate transactions on the Core Chain.

“Olivier Roussy Newton, CEO of DeFi Technologies, expressed his excitement over the unveiling of their new Core Chain validator node. This move strengthens their partnership with Core Foundation. A significant investment of 1,498 BTC will be committed, locked up as stake, and integrated into the network’s consensus mechanism.”

This year, DeFi Technologies finalized a partnership with Core Foundation for developing Bitcoin Exchange Traded Products (ETPs). As a result of this collaboration, Valour introduced the Yield Bearing BTC ETP and is preparing to launch a CORE ETP. These financial instruments make use of Core Chain’s unique blockchain attributes to offer yield opportunities using Bitcoin. Currently, Bitcoin is priced at $67,303.63, representing a 3.34% decline in the previous 24 hours.

Defi Technologies identified Bitcoin as a component of its monetary reserves, valuing its digital attributes over its underlying form. Lately, the firm purchased 110 Bitcoins for CAD 10.5 million ($7.6 million). This acquisition aligns with their financial strategy aimed at safeguarding their purchasing power and currency value against the potential threat of inflation.

Read More

2024-06-12 01:56