8 hours ago
Elastos, a task looking to crook Bitcoin into a much fruitful basal for decentralized concern (DeFi), has raised $20 cardinal towards that goal.
Elastos, a decentralized infrastructure provider, aims to standard its Bitcoin DeFi protocol BeL2 arsenic a inferior furniture for the world's archetypal blockchain.
The steadfast has raised $20 cardinal from backstage concern institution Rollman Management, with which it plans to grow its merge-mined ELA token arsenic a Bitcoin reserve asset, Elastos told CoinDesk successful an email connected Thursday.
Merge mining is the process of mining 2 oregon much cryptocurrencies simultaneously.
BeL2 is built to let bitcoin holders to collateralize BTC successful their wallets and entree Ethereum astute declaration services, specified arsenic minting stablecoins and peer-to-peer borrowing.
Elastos is 1 of a ample fig of projects looking to capitalize connected the astir $2 trillion stored successful bitcoin by gathering DeFi services that BTC's heavy wells tin fund.
DeFi requires liquidity and security, some of which Bitcoin tin supply with a stronger way grounds than immoderate different blockchain. However, historically, the web has lacked the inferior for DeFi projects to beryllium capable to harness it, which is what Elastos and others are aiming to address.
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