Sui’s Hashi Network Set for October Launch with $500M Backing
- Mysten Labs’ Hashi network will launch in October with over $500 million in capital commitments.
- Hashi will use Bitcoin (BTC) as collateral to mint hBTC on the Sui platform.
- The launch coalition includes more than 20 firms, such as BitGo, Bullish, and Ledger.
- Anchorage Digital is a launch partner, providing access through its settlement infrastructure and self-custody wallet.
- hBTC will be burned when users exit, returning BTC to the Bitcoin network.
The Hashi network aims to enhance the utility of Bitcoin for public companies and institutions by enabling various financial applications like lending and vaults. This initiative addresses existing limitations within the DeFi space.
With over $500 million in backing, Hashi represents a significant step toward integrating Bitcoin into decentralized finance solutions.(Source)
