bitSmiley, a prominent participant in the Bitcoin DeFi ecosystem, announced yesterday (28th) that it has completed its first round of token financing. This round of financing was led by OKX Ventures and ABCDE, and received extensive support from diverse investors.
Notable investors include CMS Holdings, Foresight Ventures, LK Venture, Silvermine Capital, as well as well-known individuals associated with Delphi Digital and Particle Network.
The strong belief in the potential of bitSmiley to completely change the Bitcoin DeFi landscape is highlighted by the broad and diverse investor support it has received.
Jayden, co-founder of bitSmiley, expressed his enthusiasm for the successful financing round, stating that investors have also expressed confidence in the project. Nick, partner at CMS Holdings, stated, “CMS is pleased to support bitSmiley. We see a clear product-market fit for overcollateralized stablecoins (such as DAI on Ethereum) and are excited to see this journey unfold on BTC.”
Dora Yue, founder of OKX Ventures, one of the lead investors, pointed out that bitSmiley is powered by the Fintegra framework, a groundbreaking protocol on the Bitcoin blockchain composed of three key components:
1. bitUSD: A Bitcoin native overcollateralized stablecoin that provides stability and transparency to the Bitcoin DeFi space. Users can create bitUSD by utilizing their BTC holdings, enabling seamless participation in DeFi.
2. bitLending: A P2P lending protocol based on bitUSD, which allows users to borrow stablecoins using BTC as collateral, enhancing the Bitcoin DeFi lending experience.
3. Credit Default Swap (CDS): As a future development, CDS derivatives will provide additional loan security through bundled loans and default prevention.
With these components, bitSmiley aims to become a comprehensive DeFi protocol on the Bitcoin blockchain, seamlessly integrating stablecoin issuance, lending, and derivative products.
It is worth noting that bitSmiley is currently preparing to launch a new DeFi name protocol called bitRC-20 (compatible with BRC20). The first asset under this protocol is the OG PASS NFT – “bitDisc”, which will debut on the OKX and Unisats wallets.
bitDisc will be available in two levels: Gold and Black cards. The Gold card is exclusively distributed to selected Bitcoin OGs and industry leaders. Currently, there are less than 40 Gold card holders, with total Bitcoin holdings exceeding four digits. The Gold card with the number 001 will be airdropped to an address suspected to be Satoshi Nakamoto’s, as a commemoration.
bitSmiley announced that starting from February 4th, the Black card will be made available to the public through whitelist and public sale events, expected to generate attention and discussion within the cryptocurrency community.
The Block commented that the successful first round of token financing and innovative initiatives by bitSmiley highlight its crucial role in shaping the future of Bitcoin DeFi. With a diverse group of supporters and a visionary approach, bitSmiley is fully capable of leading the evolving Bitcoin ecosystem.