Bitcoin Staking Platform Acre Raises $4M from Big Brain Holdings and Others

Fast take:

The funding was structured as a easy funding for future fairness (SAFE) with token warrants and closed at a token valuation of $90 million.

Acre permits customers to deposit bitcoin in change for staking rewards paid out in stBTC.

The corporate claims to have collected over $100 million in BTC deposits since launching its mainnet final July.

Acre, a brand new liquidity layer for bitcoin scaling has raised $4 million in a token spherical backed by Draper Dragon, Large Mind Holdings and Orange DAO. The fundraising additionally attracted angel participation from notable Web3 firms together with Lido, EigenLayer, Wormhole, Thesis and Quantstamp. The corporate plans to make use of the funds to broaden its workforce, combine further protocols and advance its collaboration with new pockets companions.

Based on Acre co-founder and CEO Laura Wallendal, the fundraising was structured as a easy settlement for future fairness (SAFE) with token warrants and closed at a token valuation of $90 million.

Acre is constructed to assist Bitcoin holders earn extra Bitcoin by staking BTC in change for stBTC, which the corporate describes as “compounding”. 

“Acre offers bitcoin liquidity to decentralized networks, serving to them develop whereas additionally enabling lending and different DeFi integrations past staking,” Wallendal informed The Block. “In contrast to conventional staking fashions, Acre is bitcoin-first, permitting BTC holders to take part in DeFi without having to work together with new chains, handle a number of tokens, or compromise management over their belongings.”

The corporate claims to have already attracted greater than $100 million in BTC deposits since launching its mainnet final July. 

Acre is utilizing tBTC as its decentralised custodian to safe deposited BTC, with the deposited Bitcoin held in a 51-of-100 multi-sig operated by decentralised nodes.

“The trade-off right here is between pace and decentralized custody. Acre prioritizes safety over instantaneous transactions,” stated Wallendal. “Deposits take about three hours to finish, however they continue to be totally decentralized all through the method.”

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