Zest Protocol, a George Town, Cayman Islands-based company providing a lending protocol built for Bitcoin, raised $3.5M in Seed funding.
The round was led by Tim Draper’s Draper Associates with participation from Binance Labs, Flow Traders, Trust Machines, Asymmetric, Bitcoin Frontier Fund, Gravity Fund, Primal Capital, Hyperithm, Miton Crypto, Tykhe Block Ventures, Elixir Capital and more.
The company intends to use the funds to expand operations and development efforts.
Zest Protocol leverages the upcoming Stacks Nakamoto and sBTC blockchain upgrades to create a fully Bitcoin native lending experience. Using sBTC’s peg-in wire format, users deposit BTC through a native Bitcoin transaction to fund their balance on Zest Protocol – after which they are able to engage in lending or yield generating activities. In preparation for the sBTC launch, Zest Protocol’s lending infrastructure is currently live on Stacks mainnet with Stacks market.
FinSMEs
23/05/2024