Satoshi Protocol, a stablecoin protocol backed by Bitcoin, raised $2 million in a seed funding round led by CMS Holdings and RockTree Capital. The funds will enhance network security and integrate more Layer-2 solutions.
The protocol lets Bitcoin holders use their coins as collateral to mint the native SAT stablecoin. It integrates with various Bitcoin protocols, including Bitlayer, BEVM, Omni Network, and Core Chain. A recent collaboration with Binance’s Web3 Wallet Campaign reached over 172,000 users.
Co-founder and CEO Naka called the funding a significant step toward creating a universal stablecoin for Bitcoin users. Users can mint SAT stablecoins using BTC and liquid staking tokens as collateral on both the Bitcoin mainnet and L2 networks.
The investment reflects confidence in Satoshi Protocol’s innovative approach to stablecoins, which boosts liquidity options for BTC holders. The funding also received backing from Metalpha, Optic Capital, Side Door Ventures, Outliers Fund, and notable angel investors.
This milestone is crucial for expanding stablecoin utility within the Bitcoin ecosystem, enhancing its long-term strategic importance.
