June 24, 2024
DeFi Technologies Bitcoin Stake
Technology

DeFi Technologies Stakes $100M in Bitcoin on Core Chain

DeFi Technologies Expands Blockchain Engagement

Toronto-based DeFi Technologies is poised to launch a validator node on Core Chain, pledging nearly $100 million in Bitcoin. This strategic maneuver aims to secure rewards for validating transactions and staking via its subsidiary, Valour.

Staking Rewards and Security Measures

Facilitated by Core’s Ethereum Virtual Machine-compatible consensus mechanism on its layer-1, BTC-powered blockchain, staking represents a pivotal aspect of DeFi Technologies’ strategy. CEO Olivier Roussy Newton underscores their mission: “We are advancing our mission to bridge traditional finance with innovative blockchain technology… This approach offers our investors unique exposure to yield and growth within the digital asset space.”

Continued Collaboration with Core

This initiative marks the second stride in the ongoing synergy between DeFi Technologies and Core. Earlier, on May 10, they introduced the Valour Bitcoin Staking exchange-traded product on the Nordic Growth Market exchange, leveraging the Swedish krona as the base currency. This pioneering product, lauded as the premier yield-bearing BTC ETP, promises BTC exposure with a 5.65% yield and a 1.9% management fee. Plans are underway for a core ETP, set to harness yield through BTC staking.

Strategic BTC Pivot and Financial Growth

DeFi Technologies’ pivot towards Bitcoin intensifies with this validator node initiative. Declaring BTC as its primary treasury reserve asset on June 10, the company purchased 110 BTC, prompting a 23% surge in its share price.

As of May 31, DeFi Technologies boasted a cash balance of $51 million, while Valour managed assets worth $607 million—a remarkable escalation from mid-March 2022, when Valour’s assets under management were $274 million.

DeFi’s Growth Ahead

DeFi Technologies’ foray into establishing a core chain validator node and staking $100 million in Bitcoin underscores its unwavering commitment to blending traditional finance with blockchain technology. Leveraging Core’s BTC-powered blockchain and pioneering financial products, DeFi Technologies is primed to offer unparalleled growth opportunities in the digital asset arena.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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