Elastos Bitcoin DeFi secures $20M funding to expand BeL2 protocol, enabling BTC holders to participate in DeFi on Ethereum.
Funding for $20M Expansion
Elastos, the provider of decentralized infrastructure behind the BeL2 Bitcoin DeFi protocol, closed a $20 million raise with Rollman Management. The funds will be used to scale decentralized finance processes on Bitcoin, allowing BTC holders to interact with Ethereum smart contracts, such as minting stablecoins and peer-to-peer lending.
Elastos Bitcoin DeFi Protocol
Elastos seeks to bridge Bitcoin and Ethereum ecosystems by introducing the BeL2 protocol. It allows users to use BTC in financial applications without leaving the Bitcoin blockchain. The interoperability of BeL2 with Ethereum is a key step toward enhancing Bitcoin's role in decentralized finance.
Impact on DeFi
Despite the original design of Bitcoin not supporting smart contracts, BeL2 shows progress towards that. With Bitcoin representing significant value, this presents an opportunity for Elastos to enhance its utility and integrate more deeply into the expanding DeFi ecosystem.
Elastos continues to bridge the gap between Bitcoin and DeFi by providing BTC holders with more opportunities to engage in the decentralized economy through the BeL2 protocol.
