Satoshi Protocol Completed $2M Seed Round Funding Led by CMS Holdings and RockTree Capital

Satoshi Protocol, the universal stablecoin built for the Bitcoin ecosystem, has successfully completed a $2 million seed round funding in May 2024.

The round was led by CMS Holdings and RockTree Capital, with participation from Cypher Capital, Optic Capital, Side Door Ventures, Metalpha (NASDAQ: MATH, parent company: Bitmain), Outliers Fund, Comma3 ventures, and angel investors including Paul Taylor (ex-BlackRock) and Yenwen Feng (Perpetual Protocol).

What is Satoshi Protocol

Satoshi Protocol is a revolutionary "universal" stablecoin protocol backed by Bitcoin. It allows users to deposit BTC and LST as collateral to mint the stablecoin $SAT on both Bitcoin mainnet and multiple L2s.

Key Developments and Major Updates

First Utility and Stable Asset on Bitcoin Mainnet

Extensive Integrations with Leading BTC Ecosystem

Mainnet: Integrated with BOB, Bitlayer and BEVM.
Testnet: Collaborating with Core Chain, Botanix, B^2, Anduro (incubated by MARA), and Omni Network.

Binance Web3 Wallet Campaign

First BTC layer2 stablecoin protocol to collaborate with Binance Web3 Wallet Campaign, with over 172K users completing tasks with BEVM.

Robust User Base

100K+ Twitter followers.
200K+ total users since March.
22K+ active addresses and 5K+ DAU on mainnet since April.

Collaboration with Bybit Web3 Wallets

First Bitcoin L2 stablecoin protocol to collaborate with Bybit Web3 Wallets.

Novel Architecture with Omni Network

Partnered with Omni Network to create an innovative architecture that bridges Ethereum liquidity to BTC stable and vice versa, enhancing platform versatility and liquidity.

Security and Integration Milestones

Phase 1 Integration and Security check: Successfully completed the risk management and auditing with multiple defense lines with multiple in June Q2.

Phase 2 (current stage): Focusing on attracting more liquidity from liquidity providers across multiple L2s/L1 in July Q3.

Phase 3: Nexus Yield Module (NYM) for yield revenue with USDC/USDT as collateral to swap with $SAT 1:1 development and announcement at the end of Q3.

Phase 4: Circulating across whole Bitcoin Mainnet and execution layers with L2s to adopt NYM in Q4.

New Partnership with Alys/Anduro (Marathon Holdings)

Excited to announce this partnership, along with sponsoring Bitcoin2024 for increased exposure and credibility.

Co-leads Investor Commentary

Nick, CMS Holdings, stated

Satoshi Protocol’s approach to integrating stablecoins within the Bitcoin ecosystem is a necessary development. We're supporting this project because of its clear focus on enhancing Bitcoin’s utility.

Omer Ozden, CEO of RockTree Capital, remarked

The Bitcoin ecosystem is still in its earliest stages, and Satoshi Protocol's stablecoin is a key pillar for the maturation of this rapidly emerging Web3 vertical. Satoshi Protocol drives value creation between Bitcoin Eco DeFi, CeFi, and non-BTC environments.

Future Plans

The funding from this round will be used to further develop Satoshi Protocol’s technology, grow its international team, and expand its market reach. Satoshi Protocol aims to provide a stable and efficient financial tool for Bitcoin holders.Satoshi Protocol's founder& CEO, Naka, said,

The support from our investors is crucial as we work towards creating a universal stablecoin that meets the needs of Bitcoin users. This funding will help us achieve our development and market goals.

About Satoshi Protocol

Satoshi Protocol is a revolutionary "universal" stablecoin protocol backed by Bitcoin. It allows users to deposit BTC or LST as collateral to mint the stablecoin $SAT on both Bitcoin mainnet and multiple L2s.