Satoshi Protocol, a pioneering stablecoin protocol that is backed by Bitcoin (BTC), has raised $2 million during its seed funding round.
CMS Holdings and RockTree Capital led the round, while additional investments came from Cypher Capital, Metalpha, Optic Capital, Side Door Ventures, and Outliers Fund. The total also includes capital from a group of notable angel investors.
Satoshi Protocol To Add to List of Integrations
Satoshi Protocol has already seen numerous integrations across platforms, including BOB, Bitlayer, BEVM, Core Chain, Botanix, B^2, Alys/Anduro (Marathon Holding), and Omni Network. It also engaged over 172,000 users when it collaborated with the Binance Web3 Wallet Campaign.
Now, the project’s team will use the funds raised through the successful seed round to strengthen Satoshi Protocol’s security measures, expand the project’s integrations across multiple Layer 2 solutions, as well as increase its global presence.
"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,” Naka added.
Through Satoshi Protocol, users are able to collateralize BTC/LST to mint the stablecoin SAT on both the Bitcoin mainnet and multiple layer-2 networks. With this approach, the project aims to provide a stable and utility-driven asset within the Bitcoin ecosystem.
About Cypher Capital
Cypher Capital, one of the investors in Satoshi Protocol’s seed round, is an early-strategy venture firm that is focused on investing in Web3 infrastructure and applications that will enable the new digital economy. Guided by environmental, social, and governance principles in every investment decision, Cypher Capital is shaping the future of digital currency, public markets, and Web3.
Cypher Capital Managing Partner, Vineet Budki, recently commented on Satoshi Protocol and called the project’s approach to integrating stablecoins “a leap forward within the Bitcoin ecosystem.” The firm’s recent investment demonstrates its confidence in Satoshi Protocol’s “ability to enhance liquidity options for Bitcoin users and Bitcoin’s overall utility," Budki said.
