Core Ventures Boosts Bitcoin Ecosystem
In a move aimed at bolstering the Bitcoin (BTC) ecosystem, Core Ventures, the investment division of the Core Foundation, has committed over $1 million to support 15 innovative projects focused on Bitcoin since its establishment in early 2024. The initiative is designed to elevate Bitcoin from merely being a store of value to an integral component of financial infrastructure, facilitating applications such as lending, yield generation, stablecoins, and decentralized finance (DeFi).
Soaring Demand for Bitcoin DeFi
According to exclusive information from crypto.news, the demand for Bitcoin-based DeFi continues to soar, with the total value locked (TVL) in these protocols experiencing a staggering 2,700% increase since the beginning of the year. Core Ventures is strategically investing in projects that enhance Bitcoin’s capabilities, with a diverse portfolio that includes sectors like lending, staking, real-world asset integration, and fundamental financial tools like stablecoins.
Noteworthy Investments
Among its noteworthy investments are several pivotal projects. Colend, a lending and borrowing platform built on Core, has attracted over $170 million in total value locked and recently unveiled a groundbreaking web3 credit card. Another significant player is Solv Protocol, which specializes in liquid staking and structured yield products, along with Bitcoin fund management. BitFLUX, incubated by Core Ventures, focuses on liquidity aggregation and generating BTC yield, further diversifying the landscape.
Supporting Innovative Tech
Additionally, the fund encompasses Sats Terminal, a DeFi aggregator built for Bitcoin that simplifies access to decentralized exchanges and yield opportunities, and BIMA Labs, which is behind USBD—a universal Bitcoin-backed stablecoin meant for cross-chain DeFi applications. Many projects within Core Ventures’ portfolio have garnered backing from prominent firms, including Coinbase Ventures, OKX Ventures, and Draper Associates.
Brendon Sedo, Initial Contributor at Core DAO and head of Core Ventures, stated, “Our aim is to support the innovative applications and protocols that truly enhance the functionality of this system. We focus on funding builders who are actively delivering, not on discussions around theoretical concepts.”
Technical Groundwork
Core itself lays the technical groundwork for this burgeoning ecosystem, operating as a Proof-of-Work, EVM-compatible blockchain that facilitates non-custodial Bitcoin staking. With more than 6,000 BTC staked and a daily user base exceeding 50,000, it currently supports the largest Bitcoin DeFi environment, boasting a TVL exceeding $500 million.
Future Commitment
Looking forward, Core Ventures is committed to continuing its investment approach, targeting projects that enhance Bitcoin’s practical uses across various sectors, including lending strategies, collateralization methods, decentralized identities, and the tokenization of real-world assets. The priority remains on supporting those who are already making strides in the industry, as opposed to individuals still in the planning stages of their ideas.
