Bitflow Labs, Inc. has announced a successful $1.3 million pre-seed funding round to continue building critical infrastructure for Bitcoin DeFi.
WILMINGTON, Del., Jan. 25, 2024 /PRNewswire/ — Bitflow Labs, Inc. has announced a successful $1.3 million pre-seed funding round to continue building critical infrastructure for Bitcoin DeFi. The round was led by Portal Ventures, alongside a consortium of visionary investors including Bitcoin Frontier Fund, Bitcoin Startup Lab, Big Brain Holdings, Newman Capital, Genblock Capital, Tykhe Block Ventures, and more.
Bringing Essential DeFi Infrastructure to Bitcoin
BitFlow
Bitflow is the first decentralized exchange that solves fractured liquidity across the Bitcoin ecosystem, offering a user-friendly platform for trading BTC, Stablecoins, Stacks tokens, BRC20s, and more. Bitflow’s protocol design is inspired by the most resilient and popular decentralized exchanges on Ethereum, with one important difference: the capital efficient trading infrastructure is built on Bitcoin rails. With strategic wallet partnerships, including Hiro (Leather), Xverse, and Asigna, and by leveraging technologies like PSBTs, Atomic Swaps, AMMs, and Layer-2 solutions such as Stacks, Bitflow provides efficient decentralized swaps and sustainable BTC yields.
“Bitcoin is experiencing a renaissance, and we’ve been actively investing into infrastructure to power this. Dylan and Diego quickly impressed us with their product insights, early traction, and long-term vision to win a TAM that is 3x larger than Ethereum. We believe Bitflow will be critical in powering capital efficiency across the Bitcoin ecosystem.” – Catrina Wang, Investment Partner at Portal Ventures
Organic and Sustainable BTC Yield
Bitflow is ambitiously committed to building a sustainable DeFi protocol that is designed to last as long as Bitcoin. The organic BTC yield, derived from trading activity on Bitcoin and Bitcoin Layers, can be claimed proportionally by liquidity providers. Focusing on Bitcoin, Stable Swaps, BTC-backed stablecoins, sBTC, and decentralized liquidity pools, Bitflow provides DeFi builders and users with a diverse range of tools for Bitcoin yield opportunities. This dedication emphasizes Bitflow’s leading role in developing innovative Bitcoin-based DeFi applications.
Advancing Bitcoin DeFi
The recent funding will accelerate Bitflow’s initiatives on the frontier of Bitcoin DeFi – refining its infrastructure, growing its team, improving the user experience, and pioneering new applications within the Bitcoin ecosystem. This fundraise strengthens what used to be a contrarian take: 2024 is going to be an exciting year for people building on Bitcoin.
Co-Founder Dylan Floyd expresses his enthusiasm: “Bitflow has seen some amazing organic growth during the Private Beta phase, with the TVL rocketing from $30K to over $4M in less than a month. There’s an appetite to put Bitcoin to work in DeFi as a productive asset, and building through the bear has prepared us for the upcoming bull market and many more cycles down the road. The Bitflow protocol not only empowers traders to arbitrage between different flavors of Bitcoin, but also generates tangible BTC yield on Bitcoin holdings.”
With increasing buzz around Bitcoin ETFs, Ordinals, and the upcoming halving, the Bitflow Finance protocol is launching at an exciting turning point in the market for BTC and all assets defined in the Bitcoin ecosystem. The public release is scheduled for January 2024, and this group is well-positioned to help shape the evolving DeFi landscape.
Discover more at Bitflow’s Website.
BitFlow is a decentralized exchange that leverages the security, capital, and network of Layer 1 Bitcoin. BitFlow makes it easy for BTC liquidity to flow, so that users can trade for any token defined in the Bitcoin ecosystem. The protocol replaces middlemen with smart contracts and decentralized liquidity pools so that Bitcoiners can an auto-compounding BTC yield.
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SOURCE BitFlow
