Bitcoin DeFi Key Player bitSmiley Successfully Concludes First Token Round Funding

Quick Take:

bitSmiley, a prominent player in the Bitcoin DeFi sector, has successfully closed its first token round funding. This achievement reflects the growing confidence of global investors in bitSmiley's pioneering approach to decentralized finance (DeFi) on the Bitcoin blockchain.

Diverse Backing and Strong Investor Confidence:

Led by OKX Ventures and ABCDE, bitSmiley's first token round funding garnered widespread support from a diverse group of investors. Notable participants include CMS Holdings, Foresight Ventures, LK Venture, Silvermine Capital, and several others, along with prominent individuals associated with Delphi Digital and Particle Network.

This broad spectrum of investors underscores the robust market belief in bitSmiley's potential to revolutionize the Bitcoin DeFi landscape.

Expressing Confidence in Innovation:

Jayden, the co-founder of bitSmiley, shared his enthusiasm about the successful funding round, stating, "We're thrilled with the outcome of our initial funding round. This investment enables us to push the boundaries in the Bitcoin DeFi space and bring our innovative solutions to fruition. We are now perfectly positioned to execute our roadmap and make a significant impact in the blockchain ecosystem."

Investors also expressed their confidence in the project. Nick, a Partner at CMS Holdings, stated, "CMS is excited to support bitSmiley. We see the clear product-market fit for overcollateralized backed stablecoins like DAI on Ethereum and are excited to watch the journey unfold on BTC."

Dora Yue, the founder of OKX Ventures, said, "Bitcoin, as the cornerstone of the crypto field, possesses a strong value consensus and security, but lacks programmability and scalability, which limits its applications in the DeFi field. bitSmiley, by leveraging the BRC-20 protocol and Ordinals technology, endows Bitcoin with more possibilities, allowing users to enjoy various financial services such as stablecoin, lending, derivatives, etc. bitSmiley is our important investment in the BTC ecosystem, and we believe it will bring more vitality and reform to Bitcoin.”

bitSmiley's Vision and Innovation:

bitSmiley, driven by the Fintegra framework, stands out as a groundbreaking protocol on the Bitcoin blockchain. It comprises three pivotal components:

• bitUSD: A Bitcoin-native, overcollateralized stablecoin, offering stability and transparency to the Bitcoin DeFi space. Users can leverage their BTC holdings to create bitUSD, enabling seamless DeFi participation.
• bitLending: A peer-to-peer lending protocol built on bitUSD, facilitating users in borrowing stablecoins against BTC collateral, enhancing the Bitcoin DeFi lending experience.
• Credit Default Swaps (CDS): Planned for future development, CDS will provide additional security in lending by bundling loans and protecting against defaults.

With these components, bitSmiley is poised to become a comprehensive DeFi protocol on the Bitcoin blockchain, seamlessly integrating stablecoin issuance, lending, and derivatives.

Upcoming OG PASS NFT - bitDisc:

bitSmiley is now gearing up for the launch of a new DeFi inscriptions protocol named bitRC-20. The inaugural asset of this protocol, OG PASS NFT, also known as bitDisc, is set to make its debut on OKX and Unisats wallets. bitRC-20 will be compatible with BRC20.

bitDisc introduces two tiers: Gold and Black cards. Gold cards are exclusively distributed to a select group of Bitcoin OGs and industry leaders. Currently, fewer than 40 Gold cardholders exist, with a combined Bitcoin holding tally exceeding four figures. Card 001 will be airdropped to addresses suspected to belong to Satoshi Nakamoto in a gesture of commemoration.

Black cards will be made available to the public through whitelist events and public minting events, commencing on 4th February, creating further excitement within the crypto community.

In conclusion, bitSmiley's successful token round funding and innovative initiatives underscore its pivotal role in shaping the future of Bitcoin DeFi. With a diverse group of backers and a visionary approach, bitSmiley is well-positioned to lead the way in the evolving Bitcoin ecosystem.

This post is commissioned by bitSmiley and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.