.jpg "Echo Protocol Bridges Bitcoin to Move Ecosystem with Pre-Seed Funding")
[October 21, 2024] – Echo Protocol, a decentralized protocol focused on bridging Bitcoin liquidity to the Move ecosystem, has successfully closed its pre-seed funding round. The round was led by Spartan, with participation from a strong cohort of investors including Web3PORT, Movement Labs, Auros, Maelstrom, Aptos Labs, Presto Labs, Sats Ventures, Selini Capital, ABCDE Capital, and others. The exact amount raised has not been disclosed.
Echo Protocol is building critical infrastructure to facilitate the seamless flow of Bitcoin value into the Move ecosystem, primarily Aptos, through innovative bridging, restaking, and DeFi solutions. This will unlock new opportunities for Bitcoin holders and developers within the rapidly growing Move ecosystem.
Key Features and Products:
- aBTC: A groundbreaking cross-chain, liquid Bitcoin token backed 1:1 by BTC. aBTC allows Bitcoin holders to participate in DeFi activities within the Aptos ecosystem, earning yield and accessing a wider range of financial instruments. This bridges the gap between Bitcoin and the burgeoning DeFi landscape on Aptos.
- eAPT: Introducing the concept of restaking to the Move ecosystem. eAPT allows users to restake their Aptos (APT) tokens to further secure the Aptos network or other MoveVM-based blockchains, enhancing the overall security and stability of the ecosystem. This innovative approach allows projects building on Move to leverage the security of Aptos.
- Seamless Integration: Echo Protocol is designed to integrate seamlessly with existing Bitcoin Layer-2 solutions, including Babylon, further expanding the accessibility and utility of Bitcoin within the Move ecosystem. This interoperability is crucial for fostering a thriving cross-chain ecosystem.
Addressing Challenges and Driving Innovation:
Echo Protocol aims to address the current challenges of limited Bitcoin liquidity within the Move ecosystem. By enabling the use of Bitcoin-backed assets like aBTC in DeFi applications, Echo is poised to attract new capital and unlock innovative financial opportunities.
The introduction of eAPT for restaking is another significant innovation, strengthening the security of MoveVM chains and providing Aptos token holders with additional utility and earning potential.
About Echo Protocol:
Echo Protocol is a decentralized protocol specializing in bridging, restaking, and decentralized finance (DeFi) within the Move ecosystem. Their mission is to enhance Bitcoin liquidity and introduce innovative restaking solutions for Bitcoin assets within Move. They are pioneering BTC liquid staking & restaking and yield infrastructure into the Move ecosystem, introducing a new category of liquid assets.
About the Investors:
- Spartan: Asia-based blockchain advisory and investment firm.
- Web3PORT: One-Stop-Shop Acceleration DAO.
- Movement Labs: Network of modular move-based blockchains.
- Auros: Algorithmic trading and market making firm.
- Maelstrom: A blockchain-focused investment firm.
- Aptos Labs: The team behind the Aptos blockchain.
- Presto Labs: A DeFi-focused development team.
- Sats Ventures: Investing in Bitcoin-focused projects.
- Selini Capital: Multi-strategy trading firm and liquidity provider.
- ABCDE Capital: Venture capital firm focused on blockchain technologies.
Looking Ahead:
This pre-seed funding round will enable Echo Protocol to further develop its platform and expand its offerings within the Move ecosystem. The team is focused on building a robust and secure infrastructure to support the growing demand for Bitcoin-backed assets and innovative DeFi solutions on Aptos. The integration of Bitcoin into the Move ecosystem through Echo Protocol is expected to drive significant growth and innovation in the DeFi space.
Compiled by CMO Intern team
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