Saturn secures $800k for Bitcoin-based decentralized exchange development News โธ Bitcoin โธ Investments
Saturn secures $800k for Bitcoin-based decentralized exchange development
Saturn is a peer-to-peer order book designed to allow a smooth trading experience for Bitcoin users.
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Updated: Feb. 26, 2024 at 6:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Saturn, a peer-to-peer order book built on the Bitcoin network, secured $800,000 for its seed funding round led by Sora Ventures, according to a Feb. 26 statement shared with CryptoSlate.
With this capital, Saturn intends to expedite its vision for Bitcoin-based fungibility. The funds will fuel further advancements in its technical infrastructure, team expansion, and targeted marketing efforts.
Notably, the platform already enjoys some success, revealing that it recorded its 300,000th unique user on Feb. 23.
Other noteworthy participants in this funding round include CMS Holdings, Cricket Futures, and Silvermine Capital / Osprey Capital. Additionally, notable Web3 angel investors such as Joe McCann of Asymmetric, James McCavity from Cormint, Dillon Healy of BTC Inc., and KDot of MH Ventures participated in the round.
Jason Fang, the Founder and Managing Partner at Sora Ventures, expressed enthusiasm about supporting Saturn’s global expansion and emphasized the important role the platform will play in unlocking the full potential of Bitcoin’s market for Satoshis.
“Saturn is unlocking the full utility of Bitcoin by opening up a market for satoshis, enabling people to speculate, trade, and discover one of the most underrated assets within Bitcoin,” Fang added.
Similarly, Silvermine Capital echoed this sentiment, highlighting Saturn’s potential to unlock new avenues within the Bitcoin ecosystem. It added:
“In the thriving native BTC ecosystem, the introduction of Saturn is poised to unlock a realm of new possibilities, enhancing value and accessibility for users.”
While Bitcoin remains the flagship digital asset and blockchain network, its DeFi ecosystem remains in its infancy. However, BTC’s ecosystem has attracted interest recently, with the launch of Ordinals Inscriptions and several layer2 networks. Saturn aims to further bolster this infrastructure by developing a decentralized exchange (DEX) on the Bitcoin network.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
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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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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Sora Ventures
Sora Ventures is an Asia-based investment firm focused on blockchain technology and digital currencies.
Jason Fang co-founded and manages Sora Ventures, a venture capital firm.