October 31, 2024
Citrea, rollup activating the Bitcoin blockspace for developers to build decentralized applications, has secured $14 million in its Series A funding round. Led by Founders Fund, the investment attracted participation from several notable investors, including Maven11 Capital, Mirana, Erik Voorhees, Balaji Srinivasan, Bitfish, and 0xMert. This funding signifies Citrea’s aims to expand Bitcoin's role beyond that of digital gold to a more versatile asset capable of powering decentralized finance (DeFi) initiatives.
Founded to pioneer a Bitcoin-backed economy, Citrea encourages developers who are enthusiastic about censorship resistance and DeFi to join its Citrea Origins program. This initiative is designed to foster innovation within the Bitcoin ecosystem, providing tools and frameworks that facilitate the creation of decentralized applications. With the support of its recent funding, Citrea is poised to enhance its platform's capabilities and broaden its influence in the blockchain landscape.
The financial backing from investors reflects confidence in Citrea's vision and underscores a growing recognition of the potential for Bitcoin as a foundational layer for DeFi applications. With this new capital, the company plans to further develop its technology and expand its team, signaling its commitment to leading the charge in the evolution of Bitcoin from a static store of value to a dynamic, programmable asset.
About Citrea
Citrea is a platform focused on fostering the development of a Bitcoin-backed economy through decentralized financial solutions. By encouraging collaboration among developers, Citrea aims to create an ecosystem that prioritizes censorship resistance and user empowerment. The platform supports a variety of applications that utilize blockchain technology to enhance financial accessibility and integrity.
Website: https://citrea.xyz/
X: @citrea_xyz
About Investor
Chainway Labs
Chainway Labs is dedicated to advancing the decentralized finance landscape. With a focus on innovation and community-driven projects, Chainway Labs supports initiatives that enhance censorship resistance and promote the development of blockchain-based solutions. The firm actively collaborates with developers and visionaries to build a sustainable and inclusive financial ecosystem.
Location: Cayman Islands
Website: https://chainway.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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