Lombard Finance launches one-tap Bitcoin staking tool, Bybit and Binance tapped as early users

Lombard Finance, a firm developing Bitcoin decentralized finance (DeFi) infrastructure, launched a software development kit (SDK) called LBTC SDK. 

The LBTC SDK lets DeFi platforms such as exchanges, mining pools and wallet providers more easily integrate Bitcoin staking and LBTC minting. LBTC is a liquid and yield-bearing token that's wholly backed by bitcoin, according to a release shared with The Block. 

Crypto exchange giants ByBit and Binance have integrated the LBTC SDK, according to the announcement. LBTC SDK partners can integrate fast BTC staking with automatic LBTC minting, in addition to deploying LBTC directly into Lombard's DeFi Vault to capture 3% APY, the company said. 

"We’ve built the LBTC SDK not just as a software tool, but as a complete solution that brings Bitcoin and its users into DeFi — from wherever they already are," Jacob Phillips, co-founder of Lombard Finance, told The Block in an email. "Whether you’re a centralized exchange, a decentralized wallet or a leading staking provider, our production-ready toolkit makes it seamless to offer Bitcoin staking natively within your platform. This launch reflects our ecosystem-first strategy: by partnering with key players, we’re not only simplifying access to yield-bearing Bitcoin, but also driving net new capital onchain."

In July 2024, Lombard raised $16 million in seed funding led by Polychain Capital, The Block previously reported. 

Bitcoin is the largest cryptocurrency in the world as shown by its $1.7 trillion market capitalization, according to The Block's bitcoin price page.