As part of its moves to expand its footprint in the crypto economy, Satoshi Protocol recently teamed up with Binance Web3 Wallet for a joint marketing campaign.
Satoshi Protocol, the first collateralized debt position (CDP) protocol built on the Bitcoin network, has announced the completion of its seed funding round led by two major venture capital (VC) firms in the industry.
According to a press release shared with Coinspeaker, the platform received $2 million in investments from CMS Holdings and RockTree Capital, which jointly led the funding round.
Other VC companies that contributed to the investment round include Cypher Capital, Metalpha, Optic Capital, Side Door Ventures, and Outliers Fund, in addition to undisclosed angel investors.
Expansion Plans
Satoshi Protocol aims to use the funds to expand its capabilities. As a blockchain protocol designed to allow users to collateralize BTC/LST to mint the stablecoin SAT on both the Bitcoin network and other layer-2 protocols, this expansion is intended to increase its presence in the industry.
The protocol disclosed that part of the funds will be used to improve its security to prevent malicious actors from gaining access to the platform. The decentralized network is already secured by various security tools and other practices.
In addition to security enhancements, the platform plans to expand integrations to other layer-2 solutions built on the Bitcoin ecosystem, making it accessible to a wider range of users worldwide. The network is already available on different chains, including Omni Network, Bitlayer, Core Chain, Botanix, and BOB.
“The support from our investors is crucial as we work towards creating a universal stablecoin that meets the needs of Bitcoin users. This funding allows us to achieve these critical development and market goals,” said Naka, owner of the Satoshi Protocol.
Strategic Partnerships and Collaborations
As part of its moves to expand its footprint in the crypto economy, Satoshi Protocol recently teamed up with Binance Web3 Wallet for a joint marketing campaign.
Through the campaign, the network interacted with over 172,000 users who participated in the program. The initiative started in April 2024 with a prize pool of 500k OSHI and 10.5 million BEVM tokens. The tokens were used to reward users who used the Binance Wallet to bridge BTC to BEVM through the wallet, creating a position on Satoshi Protocol.
Last month, the platform secured another partnership with the Lorenzo blockchain to increase the utility and yield opportunities within the Bitcoin ecosystem. Since then, the platform has collaborated with the likes of Bido to enable the use of LST wstBTC as collateral for borrowing SAT.
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