Bitcoin DeFi infrastructure bitSmiley completes $10 million financing, with participation from MH Ventures and others

ChainCatcher news, Bitcoin DeFi infrastructure bitSmiley announces the completion of a $10 million Series B funding round, with participation from MH Ventures and Skyland Ventures.

The new funding will facilitate the growth of bitSmiley, enhance cross-chain capabilities, and power the multi-chain stablecoin initiative.

According to RootData, bitSmiley is a Bitcoin-native DeFi project. As the first stablecoin project in the BTC DeFi ecosystem, bitSmiley has innovated in both application design and protocol layers. Its groundbreaking Fintegra framework consists of three main components: a decentralized over-collateralized stablecoin protocol, a native trustless lending protocol, and an on-chain derivatives protocol. bitSmiley will first introduce the native over-collateralized stablecoin bitUSD on the Bitcoin blockchain to address the lack of stable price-pegged tools.