Dubai, UAE, July 16th, 2024,
Chainwire
Satoshi Protocol, the first stablecoin protocol
backed by Bitcoin, has raised $2 million in its seed round. The
funding round was led by CMS Holdings and RockTree Capital, with
participation from Cypher Capital, a
multi-strategy crypto investment firm, Metalpha, Optic Capital,
Side Door Ventures, Outliers Fund, and notable angel investors.
Satoshi Protocol will utilize the seed funding to strengthen its
security measures, expand integrations across multiple Layer 2
solutions, and increase its global presence. The protocol has
garnered notable traction, with numerous integrations across
platforms within the Bitcoin ecosystem, including BOB, Bitlayer,
BEVM, Core Chain, Botanix, B^2, Alys/Anduro (Marathon Holding), and
Omni Network. It recently collaborated with Binance Web3 Wallet
Campaign, engaging over 172,000 users.
"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 enables users to collateralize BTC/LST to mint
the stablecoin $SAT on both Bitcoin mainnet and multiple Layer 2,
pioneering a utility and stable asset on the Bitcoin ecosystem.
"Satoshi Protocol's approach to integrating stablecoins
is a real leap forward within the Bitcoin ecosystem," commented
Vineet Budki, Managing Partner at Cypher Capita. "This investment
reflects our confidence in its ability to enhance liquidity options
for Bitcoin users and Bitcoin’s overall utility."
About Cypher Capital
Cypher Capital is a leading early-strategy venture firm focused
on investing in Web3 infrastructure and applications that will
drive the new digital economy. Guided by environmental, social, and
governance for every investment decision, Cypher is shaping the
future of digital currency, public markets, and Web3.
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