Overview
Elastos, a decentralized infrastructure company, has recently raised $20 million to further develop its Bitcoin DeFi protocol, known as BeL2. This funding was secured from private investment firm Rollman Management.
Key Details:
- Elastos aims to enhance its Bitcoin DeFi offerings by making BeL2 a utility layer for Bitcoin, the original blockchain.
- The raised funds will help in expanding Elastos’ merge-mined ELA token as a reserve asset tied to Bitcoin.
Insights:
This project seeks to allow Bitcoin holders to use their BTC as collateral and tap into Ethereum’s smart contract capabilities, enabling operations like minting stablecoins and peer-to-peer lending.
With an estimated $2 trillion held in Bitcoin, numerous initiatives, including Elastos, are looking to create DeFi services that leverage this substantial reserve.
“Elastos plans to provide the liquidity and security that Bitcoin is known for, enhancing its utility in DeFi projects.”
- Elastos spokesperson
For further details, read more about related initiatives here.
