Satoshi Protocol has partnered with Binance Web3 Wallet in a joint marketing campaign to expand its reach in the crypto space.
The pilot funding round for Satoshi Protocol, the first collateralized debt position (CDP) protocol constructed on the Bitcoin network, has been finalized. Two of the industry’s most prominent venture capital (VC) firms spearheaded the round.
The platform received $2 million in investments from CMS Holdings and RockTree Capital, which jointly led the funding round, according to a press release shared with Coinspeaker.
In addition to undisclosed angel investors, Cypher Capital, Metalpha, Optic Capital, Side Door Ventures, and Outliers Fund are among the VC companies that contributed to the investment round.
Strategies for Growth
The funds are intended to be utilized by Satoshi Protocol to enhance its capabilities. This expansion is designed to strengthen the presence of the blockchain protocol in the industry, which is intended to enable users to collateralize BTC/LST to mint the stablecoin SAT on both the Bitcoin network and other layer-2 protocols.
The protocol disclosed that some funds will be allocated to enhance the platform’s security to prevent malicious actors from gaining access. A variety of security tools and other practices already protect the decentralized network.
In addition to security improvements, the platform intends to broaden its integrations with other layer-2 solutions constructed on the Bitcoin ecosystem, thereby increasing its accessibility to a broader global audience. The network has already been implemented on numerous chains, such as Omni Network, Bitlayer, Core Chain, Botanix, and BOB.
“The assistance of our investors is essential as we strive to develop a universal stablecoin that caters to the requirements of Bitcoin users.” Naka, the proprietor of the Satoshi Protocol, stated, “This funding enables us to accomplish these essential market and development objectives.”
Strategic Partnerships and Collaborations
Satoshi Protocol recently collaborated with Binance Web3 Wallet to launch a joint marketing campaign to broaden its presence in the crypto economy.
The network engaged with more than 172,000 users who participated in the program during the campaign. The initiative commenced in April 2024 with a 10.5 million BEVM tokens prize pool and 500k OSHI. The tokens were utilized to compensate users who used the Binance Wallet to connect BTC to BEVM through the wallet, establishing a position on the Satoshi Protocol.
The platform established an additional partnership with the Lorenzo blockchain last month to enhance the utility and yield opportunities within the Bitcoin ecosystem. Since then, the platform has partnered with companies such as Bido to facilitate using LST wstBTC as collateral for SAT borrowing.
