Mysten Labs’ Hashi Network Launches with $500M in Bitcoin Financing
- Hashi will start a phased rollout in October, backed by over $500 million in capital commitments.
- The network allows users to mint hBTC on Sui using Bitcoin as collateral for various financial applications.
- More than 20 companies, including BitGo and Ledger, are part of the launch coalition.
- Anchorage Digital joins as a partner, providing institutional access and stablecoin liquidity to Hashi.
- hBTC will be burned upon user exit, returning the underlying BTC to the Bitcoin network.
The launch of Hashi represents a significant advancement in utilizing DeFi for public companies and institutions that hold large amounts of Bitcoin but face technological limitations in accessing their capital.
With over $500 million backing, Hashi aims to enhance financial product offerings on the Sui platform while leveraging Bitcoin’s value effectively. (Source)
