UAE Cypher Capital, a multi strategy crypto investment firm, has invested along side lead investor CMS Holdings and Rocktree Capital in Satoshi Protocol, the first stablecoin protocol backed by Bitcoin. Satoshi Protocol has raised $2 million in its seed round.
As per the press release, 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 integrated 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.”
This is the second Bitcoin startup investor for Cypher Capital this year. It invested in February in Velar DeFi startup. It also co-led a $2.4 million investment round in German blockchain data analytics firm BitsCrunch.
The Blockchain scene is witnessing increased investments in stablecoin solutions and payment platforms. PEXX a fintech startup specializing in cryptocurrency and blockchain technology, today announced the successful closure of a $4.5 million seed funding. The investment will propel the development of the company’s innovative stablecoin to fiat payment platform.
