Major Cryptocurrency Staking Service Acre Successfully Secures $4 Million Investment From Big Brain Holdings and Other Backers
In a recent development, Acre, a Bitcoin liquidity layer project focused on scaling and staking, has successfully raised $4 million in a token round. The funding was structured as a simple agreement for future equity (SAFE) with token warrants and closed at a token valuation of $90 million.
Acre's mission is to provide Bitcoin liquidity to decentralized networks, helping them grow while enabling lending and other DeFi integrations beyond staking. The project is bitcoin-first, allowing BTC holders to participate in DeFi without the need to interact with new chains, manage multiple tokens, or compromise control over their assets.
The deposit process for Bitcoin on Acre takes approximately three hours to complete and remains fully decentralized throughout. During this period, the deposited Bitcoin is held in a 51-of-100 multi-sig operated by decentralized nodes. Acre uses tBTC as its decentralized custodian for deposited BTC.
Users can deposit Bitcoin in exchange for staking rewards paid out in stBTC, which Acre describes as "compounding." The deposited Bitcoin is fully decentralized during the deposit process. Since launching its mainnet last July, Acre claims to have collected over $100 million in BTC deposits.
The fundraising was backed by Draper Dragon, Big Brain Holdings, and Orange DAO, and also attracted angel participation from Lido, EigenLayer, Wormhole, Thesis, and Quantstamp. Acre plans to use the funds to expand its team, integrate additional protocols, and advance its collaboration with new wallet partners.
Despite extensive research, verifiable details about Acre’s team expansion, integration plans, or specific collaboration with wallet partners could not be found in the available sources. For updates on Acre, we recommend following their official channels or staying tuned to recent crypto news outlets.
The fundraising round for Acre, a Bitcoin liquidity layer project, was backed by several notable entities including Draper Dragon, Big Brain Holdings, and Orange DAO, diving into the realm of web3 finance and technology. With the acquired funds, Acre aims to expand its team, integrate additional protocols, and collaborate with new wallet partners, further strengthening its position within the decentralized finance (DeFi) ecosystem and decentralized autonomous organizations (DAO). Keep up-to-date with the latest news about Acre's progress to stay informed on the advancements they bring to the Bitcoin and DeFi landscape.
