October 23, 2024 – bitSmiley.io has successfully closed its $10 million Round 2 funding, cementing its leadership in the BTC-backed decentralized finance (DeFi) space. This round included investments from several prominent backers focused on expanding Bitcoin's utility and liquidity in decentralized applications.
Lincoln Gomes, General Partner at MH Ventures, remarked:
“MH Ventures backed bitSmiley because it offers a unique opportunity to participate in a decentralized and trustless Bitcoin-backed stablecoin ecosystem. The platform’s innovative use of over-collateralization and native BTC lending provides a secure and transparent way to access stablecoin liquidity while leveraging the value of Bitcoin."
Yonkuro, Head of Crypto Investments at Skyland Ventures, underscored bitSmiley's impact on on-chain finance:
“Stablecoins play a crucial role. BTCFi creates new operational options for BTC, necessary for expanding on-chain finance. bitSmiley is a protocol that issues essential stablecoins for the BTC ecosystem."
The funding will drive bitSmiley.io's efforts to bolster its ecosystem through strategic partnerships and technological advancements. Collaborations with platforms like ZetaChain are central to bitSmiley's strategy, enabling seamless cross-chain transactions and expanding Bitcoin's DeFi applications through robust infrastructure. Additionally, Babylon's partnership enhances Bitcoin liquidity management, ensuring optimized operations and financial solutions.
At the heart of bitSmiley.io’s development is a multi-chain stablecoin initiative aimed at delivering enhanced security and flexibility for users across blockchain networks. This demonstrates bitSmiley.io’s commitment to a user-centric DeFi experience.
“We are thrilled with the support from our investors and partners,” said Jayden Yee, Co-Founder of bitSmiley.io. “This funding allows us to develop solutions that empower users with greater liquidity, utility, and security.”
Proceeds from the funding will focus on optimizing bitSmiley.io's BTCFi infrastructure and expanding the team to enhance user experiences and accelerate feature deployment. These initiatives are designed to foster broader Bitcoin adoption in the DeFi sector.
As bitSmiley.io fortifies its presence in the BTCFi realm, it continues to innovate and expand its ecosystem. This funding round marks an important milestone in bitSmiley.io's mission to redefine financial dynamics within the blockchain sphere.