Bitflow Labs, a Wilmington, DE-based decentralized exchange company, raised $1.3M in Pre-Seed funding.
The round was led by Portal Ventures, with participation from Bitcoin Frontier Fund, Bitcoin Startup Lab, Big Brain Holdings, Newman Capital, Genblock Capital, Tykhe Block Ventures, and more.
The company intends to use the funds to accelerate its initiatives on the frontier of Bitcoin DeFi – refining its infrastructure, growing its team, improving the user experience, and pioneering new applications within the Bitcoin ecosystem.
BitFlow is a decentralized exchange that leverages the security, capital, and network of Layer 1 Bitcoin. It works for BTC liquidity to flow, so that users can trade for any token defined in the Bitcoin ecosystem. The protocol replaces middlemen with smart contracts and decentralized liquidity pools so that Bitcoiners can an auto-compounding BTC yield.
Commenting on the news, co-Founder Dylan Floyd said: “Bitflow has seen some amazing organic growth during the Private Beta phase, with the TVL rocketing from $30K to over $4M in less than a month. There’s an appetite to put Bitcoin to work in DeFi as a productive asset, and building through the bear has prepared us for the upcoming bull market and many more cycles down the road. The Bitflow protocol not only empowers traders to arbitrage between different flavors of Bitcoin, but also generates tangible BTC yield on Bitcoin holdings.“
FinSMEs
25/01/2024