CandleFocus Solv Raises $11M to Grow the $1.3B Bitcoin Staking Protocol
2024-10-14
Author: Content Editor
Bitcoin staking platform Solv Protocol has raised $11 million from investors including Laser Digital, Blockchain Capital, and OKX Ventures. Solv Protocol's SolvBTC product has over 20,000 BTC staked, equivalent to $1.3 billion, deployed across 10 blockchain networks. Bitcoin staking platforms have been emerging in recent years to tap into the potential of the significant capital held in BTC by putting it to work on other networks. Staking involves offering digital assets to finance blockchain networks and earning rewards in return. The demand for Bitcoin staking services is demonstrated by Babylon, which has attracted over $1.5 billion worth of staked BTC. Solv's co-founder believes that if Bitcoin reaches similar staking levels as Ethereum, it could unlock $330 billion in value.
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