Newly established DeFi platform BitFi has announced the launch of a seed round fundraising valued $50 million valued at $50 million. According to an announcement post on X published today, Friday, July 26, the confirmed investors in the round include IBC Group Ventures, Fundamental Labs, Citizen Journalism Network Accelerator (CJNA), and TyreGate Capital Group.
Founded on June 25 by Liu Han, former CTO and co-founder of Ascendex Exchange, BitFi reached an all-time-high (ATH) Total Value Locked (TVL) of US$400 million within just one month. The platform combines centralized and decentralized finance elements to enhance yields on various digital assets, including Bitcoin.
Eric Yang, Managing Partner of Fundamental Labs, expressed confidence in BitFi’s potential to transform the Bitcoin CeDeFi sector, citing the firm’s experienced team and expertise. He noted that the protocol is uniquely positioned to address the dynamic needs of Bitcoin holders and provide them with maximum returns.
Mario Nawfal, Founder of IBC Group, commented on their investment, stating that the protocol’s vision aligns with their dedication to fostering innovations in blockchain technology. He projected that IBC Group’s investment, coupled with BitFi’s marketing capabilities, will propel the platform to new heights in the CeDeFi sector.
The CeDeFi sector has seen several notable partnerships in 2024, including Binance Labs’ investment in BounceBit to advance Bitcoin staking and CeDeFi infrastructure. Binance co-founder Yi He reportedly emphasized that BounceBit creates new opportunities for Bitcoin utility through its integration of CeFi and DeFi.
He added that Binance Labs consistently seeks innovators who will change the industry and that they look forward to watching BounceBit’s growth as they achieve their plan to advance Bitcoin through secure and simple CeDeFi solutions.
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