Velar Secures Funding to Forge Bitcoin-Centric DeFi Tools
Crypto startup Velar raises $3.5M to develop DeFi tools for Bitcoin, including a perpetual swaps exchange utilizing the Bitcoin network.
February 1, 2024
Introduction to Velar's DeFi Tools
Crypto trading startup Velar has successfully raised $3.5 million in venture funding to establish a comprehensive collection of DeFi tools aimed at bolstering Bitcoin's emerging DeFi ecosystem.
Bitcoin's DeFi Aspirations
Velar's CEO Mithil Thakore has revealed plans to launch a groundbreaking perpetual swaps exchange operating on the Bitcoin network. This development is made possible through advances in side chains and Layer-2 solutions, which extend Bitcoin's functionality to support smart contracts—a cornerstone of DeFi operations.
The Future of Bitcoin DeFi
The release of Stacks' Nakamoto upgrade is set to introduce sBTC, a synthetic bitcoin pegged to the original cryptocurrency, aiming to unlock the DeFi potential of Bitcoin without compromising on custody. Velar anticipates this innovation will enable leveraged trading using sBTC as collateral, with their upcoming Artha platform scheduled for release in Q2 2024.
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