Satoshi Protocol Raises $2M in Seed Round - Chainwire

16Jul

Satoshi Protocol Raises $2M in Seed Round

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.