October 28, 2024
bitSmiley, a decentralized finance (DeFi) platform building on the strengths of Bitcoin (BTC), has completed a $10 million Series B funding round. This latest funding was secured through investments from multiple prominent backers, including NxGen, IBC Group, Capital Zephyrus, Pragma Ventures, MH Ventures, Veris Ventures, KuCoin Ventures, NewTribe Capital, and other strategic partners. With this infusion of capital, bitSmiley aims to extend its offerings, focusing on strengthening cross-chain interoperability and developing BTC-backed stablecoin options.
Founded with the goal of integrating Bitcoin’s stability and security within DeFi, bitSmiley is creating a multi-chain ecosystem that leverages BTC to provide decentralized financial services across various blockchain networks. This Series B funding will play a pivotal role in advancing bitSmiley’s cross-chain and multi-chain initiatives, thereby enabling broader access to BTC-backed stablecoins and related financial solutions. The company’s focus on BTC-based DeFi aims to open new channels for secure and diversified decentralized finance participation.
About bitSmiley
bitSmiley operates as a DeFi platform that prioritizes the integration of Bitcoin’s security and value into decentralized finance ecosystems. With cross-chain and multi-chain support, bitSmiley allows users to interact with BTC-backed financial solutions and stablecoin projects. The platform’s mission is to enhance the utility of BTC within DeFi through secure, multi-chain innovation.
Website: https://www.bitsmiley.io/
X: @bitsmiley_labs
About Investor
NxGen
NxGen is an early-stage venture capital firm that supports promising projects in blockchain and decentralized finance. Focusing on innovation, NxGen invests in technologies that drive forward the digital finance landscape.
Location: Montana, United States
Website: https://www.nxgen.xyz/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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