Bitcoin-backed Stablecoin Protocol Satoshi Protocol Raises $2M in Seed Round

Satoshi Protocol, the first stablecoin protocol backed by Bitcoin, announced on Monday, July 15th, that it raised $2 million in its seed round.

In a press release shared with Cryptowisser, Satoshi Protocol said the funding round was led by CMS Holdings and RockTree Capital, with participation from Cypher Capital, a multi-strategy crypto investment firm, Metalpha, Optic Capital, Side Door Ventures, Outliers Fund, and notable angel investors.

The team will use the funds to strengthen its security measures, expand integrations across multiple Layer 2 solutions, and increase its global presence. Satoshi Protocol is already gaining popularity within the Web3 ecosystem, with numerous integrations across platforms within the Bitcoin ecosystem, including BOB, Bitlayer, BEVM, Core Chain, Botanix, B^2, Alys/Anduro (Marathon Holding), and Omni Network. The protocol recently collaborated with the Binance Web3 Wallet Campaign, engaging over 172,000 users.

While commenting on this funding round, Naka, Founder & CEO of Satoshi Protocol, 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 allows us to achieve these critical development and market goals.”

Satoshi Protocol makes it possible for users to collateralize BTC/LST and mint the stablecoin $SAT on both Bitcoin mainnet and multiple Layer 2 networks. 

Vineet Budki, Managing Partner at Cypher Capita also commented that,

"Satoshi Protocol's approach to integrating stablecoins is a real leap forward within the Bitcoin ecosystem. This investment reflects our confidence in its ability to enhance liquidity options for Bitcoin users and Bitcoin’s overall utility."

Cypher Capital is a leading early-strategy venture firm focused on investing in Web3 infrastructure and applications that will drive the new digital economy. Guided by environmental, social, and governance for every investment decision, Cypher is shaping the future of digital currency, public markets, and Web3.