DeFi Technologies to stake $100 million in BTC on Core Chain DeFi Technologies to stake $100 million in BTC on Core Chain
DeFi Technologies recently adopted BItcoin as its primary treasury reserve asset.
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Updated: Jun. 11, 2024 at 3:58 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
DeFi Technologies, a publicly listed Canadian fintech firm, is set to stake over $100 million worth of BTC on Core Chain. According to the company’s June 11 announcement, 1,498 BTC will be staked on the network. The company also revealed that it has set up a Core Chain validator node, which allows it to operate as an independent validator on the network.
This announcement comes shortly after the firm adopted Bitcoin as its primary treasury reserve asset, starting with a purchase of 110 BTC.
Bitcoin staking
Core Chain, an Ethereum Virtual Machine-compatible Layer-1 blockchain powered by Bitcoin, offers BTC miners and stakers the opportunity to earn yield through its consensus mechanism, Satoshi Plus. This innovative system combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS).
Network validators are crucial for transaction validation and block production in this framework. With the launch of its node, DeFi Technologies will process transactions and support the network’s consensus, boosting its performance. The company will also earn rewards for staking Bitcoin.
Traditionally, staking rewards are exclusive to proof-of-stake blockchains like Ethereum and others. Bitcoin, which relies on a proof-of-work mechanism, does not natively support token staking. However, Core Chain’s unique approach enables non-custodial Bitcoin staking. This means any Bitcoin holder can earn yield by staking their tokens without relinquishing custody.
Olivier Roussy Newton, CEO of DeFi Technologies, said the initiative was significant as it reflected the company’s commitment to the DeFi ecosystem and its partnership with the Core Foundation. He stated:
“By staking 1,498 BTC and participating in network consensus, we are advancing our mission to bridge traditional finance with innovative blockchain technology, specifically leveraging Bitcoin’s potential.”
According to Core Chain’s website, DeFi Technologies’ move will substantially increase the staked BTC on the network, which currently stands at 2,813 BTC.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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