Bitcoin staking protocol Solv announced Monday that it has raised $11 million in its latest funding round to develop its Bitcoin staking operations. The newest cash inflow brings the project’s valuation to $200 million.
Announcing $25M in total fundraising to pave the way for mass adoption of Bitcoin staking, powered by our recently launched Staking Abstraction Layer (SAL).
— Solv Protocol (@SolvProtocol) October 14, 2024
Solv to Grow Bitcoin Staking Adoption
In a blog post, Solv revealed that its backers include venture capitals, blockchain companies, and angel investors. Some are Laser Digital, Blockchain Capital, OKX Ventures, and angel investors from Curve, Berachain, Ethena, Movement Labs, EigenLabs, and others. Solv added that existing backers like Binance Labs and Spartan Group have contributed to its growth. Following the latest cash influx, Solv’s total funding is $25 million.
Despite being the leading cryptocurrency with over $1 trillion market value, Bitcoin lacks the inherent integration with the decentralized finance (DeFi) sector. Solv aims to tackle this shortcoming with its Bitcoin-focused Staking Abstraction Layer (SAL).
Developed alongside the BNB Chain, Ceffu, and Chainlink teams, SAL bridges Bitcoin staking capability across various blockchains, enabling Bitcoin holders to stake their assets across protocols. Solv intends to use the latest cash inflow to upscale SAL’s performance.
Solv’s flagship product, SolvBTC, is at the helm of its operations. The project calls it a “Bitcoin Reserve for Everyone.” It allows holders to tap into the Bitcoin and DeFi markets simultaneously. SolvBTC is a BTC-pegged asset available on 10 blockchain networks.
The Bitcoin staking protocol plans to inject portions of the invested funds into three liquid staking tokens (LSTs) – Babylon LST (SolvBTC.BBN), CoreDAO LST (SolvBTC.CORE), and Ethena LST (SolvBTC.ENA). These tokens aim to bring additional yield opportunities to the Solv ecosystem.
Not the First
Like Solv, other projects have entered the Bitcoin staking market. One example is Zest, a Bitcoin DeFi platform. Last month, the protocol welcomed a new yield-bearing token called BTCz into its ecosystem.
Operated through the Babylon protocol, Zest’s BTCz allowed Bitcoiners to stake their assets and earn yield over time.
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