As a seasoned researcher with a deep understanding of the blockchain and cryptocurrency landscape, I find Satoshi Protocol’s recent seed funding round to be an exciting development that could significantly impact the Bitcoin ecosystem. Having closely followed the stablecoin market and its integration within various blockchain networks, I am particularly intrigued by Satoshi Protocol’s unique approach to creating a stablecoin backed by Bitcoin.
The Satoshi Protocol, which is a stablecoin system linked to Bitcoin (BTC), has successfully secured $2 million during its seed funding stage, with the round being spearheaded by CMS Holdings and RockTree Capital.
As a crypto investor holding Bitcoin, I’m excited about the potential of this protocol that allows me to utilize my coins as collateral to mint the native SAT stablecoin. The team behind this project intends to use the funds from these operations to strengthen network security and broaden integrations with Layer-2 solutions. Their ultimate goal is to increase their presence and influence within the crypto ecosystem.
As a protocol analyst, I’d describe it this way: I, as an analyst, can confirm that the Satoshi Protocol currently interacts with various Bitcoin protocols such as Bitlayer, BEVM, Omni Network, and Core Chain. Moreover, in a recent collaboration, the Satoshi Protocol joined forces with Binance‘s Web3 Wallet Campaign, expanding its reach to approximately 172,000 users.
Satoshi Protocol’s stablecoin integration
The CEO and co-founder of Satoshi Protocol, Naka, declared that our recent funding round represents a significant advancement for the protocol. This development is not only exciting but also moves us in the right direction as we strive to develop “a stablecoin that caters to the requirements of Bitcoin users.”
Capital injection will allow it to reach its market and development goals, Naka added.
On the Satoshi Protocol platform, users have the ability to generate SAT stablecoins by using Bitcoins (BTC) and liquid staking tokens (LST) as security. This minting function is available not only on the primary Bitcoin blockchain but also on secondary layer 2 networks within the system. This flexibility has positioned Satoshi Protocol at the forefront of integrating stablecoin functionality into Bitcoin.
“Vineet Budki, managing partner at Cypher Capital, expressed his view that Satoshi Protocol’s method of incorporating stablecoins into the Bitcoin system represents a significant advancement.”
The investment signifies the venture capital platform’s trust in Satoshi Protocol, according to Budki. He further mentioned that this Layer 2 solution has expanded liquidity choices for Bitcoin owners.
In addition to Cypher Capital and RockTree, other investors including Metalpha, Optic Capital, Side Door Ventures, and Outliers Fund took part in the seed round. Notable angel investors also provided support for this funding.
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2024-07-16 16:46