DeFi
DeFi Technologies to invest $100 million in BTC on Core Chain
DeFi Technologies, a publicly traded Canadian fintech company, is set to invest over $100 million worth of BTC on Core Chain. According to the company’s June 11 report announcement, 1,498 BTC will be staked on the network. The company also revealed that it has implemented a Core Chain validator node, which allows it to function as an independent validator on the network.
This announcement comes shortly after the firm adopted Bitcoin as the main Treasury reserve asset, starting with a purchase of 110 BTC.
Bitcoin Staking
Basic chain, one Ethereum The virtual machine-enabled, Bitcoin-powered Layer 1 blockchain offers BTC miners and stakeholders 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 setting. With the launch of its node, DeFi Technologies will process transactions and support network consensus, thereby increasing 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 allows for non-custodial Bitcoin staking. This means that any Bitcoin holder can earn yield by staking their tokens without giving up custody.
Olivier Roussy Newton, CEO of DeFi Technologies, said the initiative was important because 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 connect traditional finance with innovative blockchain technology, specifically harnessing the potential of Bitcoin.”
According to the Core Chain website, DeFi Technologies’ move will significantly increase the BTC staked on the network, which currently stands at 2,813 BTC.