Bitcoin Restaking Platform SatLayer Launches with $8 Million Pre-Seed Funding

IconCryptoNewsTerminal Staff22 Aug, 2024

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Bitcoin Restaking Platform SatLayer Launches with $8 Million Pre-Seed Funding

Bitcoin restaking platform SatLayer has secured an $8 million pre-seed funding round led by HashKey and Castle Island Ventures. OKX Ventures and Mirana Ventures also participated in the round. The funding will be used to accelerate the development of SatLayer's platform, which allows users to restake their Bitcoin and earn rewards. Restaking is a process of redepositing newly earned staking rewards back into a staking pool to compound earnings. SatLayer is a non-custodial platform, meaning that users maintain control of their private keys. The platform is also designed to be easy to use, even for beginners. The global cryptocurrency market is expected to grow from $1.78 billion in 2023 to $4.94 billion by 2026, at a CAGR of 22.4%. The growth of the market is attributed to the increasing adoption of cryptocurrencies by businesses and consumers, the growing popularity of decentralized finance (DeFi), and the increasing number of government regulations. SatLayer is well-positioned to capitalize on the growth of the cryptocurrency market. The platform's easy-to-use interface and non-custodial design make it an attractive option for both experienced and novice investors.

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