Satoshi Protocol Secures $2 Million Seed Funding to Boost Developments

Satoshi Protocol, the first stablecoin protocol backed by Bitcoin, has secured $2 million in its seed round. Leading the fundraising round were CMS Holdings and RockTree Capital, with participation from prominent angel investors, Metalpha, Optic Capital, Side Door Ventures, and Cypher Capital, a multi-strategy crypto investment firm.

With the help of the seed funding, Satoshi Protocol plans to fortify its security measures, broaden its integration with other Layer 2 solutions, and extend its global reach. With several integrations across platforms in the Bitcoin ecosystem, such as Bitlayer, BOB, BEVM, Core Chain, Botanix, B^2, Alys/Anduro (Marathon Holding), and Omni Network, the protocol has gained significant momentum. It recently engaged over 172,000 people via a partnership with Binance Web3 Wallet Campaign.

Naka, Founder & CEO of Satoshi Protocol stated:

“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.”

The Satoshi Protocol allows users to collateralize BTC/LST to mint the stablecoin $SAT on both the Bitcoin mainnet and numerous Layer 2, pioneering a utility and stable asset in the Bitcoin ecosystem.

Vineet Budki, Managing Partner at Cypher Capital stated:

“Satoshi Protocol’s approach to integrating stablecoins is a real leap forward within the Bitcoin ecosystem. This investment reflects our confidence in its ability to enhance liquidity options for Bitcoin users and Bitcoin’s overall utility.”