SatLayer, a BTC re-staking platform developer, raised $8m in pre-seed funding.
The round was led by Castle Island Ventures and Hack VC with participation from Franklin Templeton Digital Assets, OKX Ventures, Mirana Ventures, and others.
The company intends to use the funds to bring its product to the Bitcoin market.
SaltLayer provides a platform that leverages the Babylon staking protocol to allow users to earn rewards on their BTC. It enables BTC to secure Bitcoin Validated Services (BVS). The system enables the full range of dApps and infrastructure to be BVSes, further expanding Babylon’s ecosystem and capabilities. For those who hold idle Bitcoin, SatLayer offers an opportunity to secure the broader ecosystem, increase demand for blockspace, and earn additional rewards.
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