Citrea is the first to expand Bitcoin from a passive store of value to an active, programmable asset by introducing a secondary layer solution using zero-knowledge technology.

GEORGE TOWN, Cayman Islands, Oct. 31, 2024 /PRNewswire/ — Citrea , the first solution to make it possible to build anything on Bitcoin, today announced its $14M Series A funding round, led by Peter Thiel’s Founders Fund, with participation from Erik Voorhees, Balaji Srinivasan, Jameson Lopp, Maven11, and other prominent angel and venture investors. Citrea has also launched its exclusive developer program, ‘Citrea Origins ‘, bringing together a select group of developers to build applications on Citrea—the only platform for expanding Bitcoin’s utility.

Bitcoin’s global adoption has solidified its role as “digital gold”, but its broader financial potential has remained untapped due to the lack of a scalability solution that maintains its core principles. This gap has forced users to either keep Bitcoin as a passive store of value or rely on custodians for broader use. This adoption undermines Bitcoin’s role in decentralized finance. Without a proper scalability solution, Bitcoin risks losing its relevance in decentralized finance and becoming obsolete as a network.

Citrea is the first Bitcoin scalability solution to expand Bitcoin’s utility without compromising its decentralization or security. Citrea enhances the capabilities of Bitcoin blockspace with zero-knowledge technology and enables the Bitcoin network to support diverse on-chain applications and platforms. By eliminating the need for intermediaries, Citrea allows users to trustlessly buy, leverage, lend, borrow, and use BTC—transforming Bitcoin from a passive store of value into an active financial tool.

“Citrea is a major milestone in the timeline of Bitcoin’s evolution and the first investment we’ve made in the Bitcoin ecosystem,” said Joey Krug , Partner at Founders Fund. “With the strongest team and best technical design we’ve seen in the Bitcoin L2 space, Citrea’s 0→1 technology enables Ethereum-like rollups for smart contracts on Bitcoin in a trust-minimized way.”

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“For the past 18 months, we’ve been building the infrastructure Bitcoin needs to move beyond just a store of value and step into a new era of Bitcoin-backed decentralized finance,” said Orkun Kilic , co-founder and CEO of Chainway Labs. “Citrea combines breakthroughs in cryptography with rigorous engineering to make this vision a reality. Bitcoin not only enables a borderless economy but also serves as the foundation for a censorship-resistant monetary layer. Our mission is to lay the foundation and ecosystem required to drive global hyperbitcoinization.”

About Citrea

Citrea is the first rollup that increases BTC’s utility and activates Bitcoin blockspace for a new decentralized financial ecosystem. Citrea’s vision is to build scalable infrastructure that advances Bitcoin into its next phase: the foundation for the world’s finance.

Apply for the developer program ‘Citrea Origins ‘.

For more information, please visit: Citrea website   | Citrea X Account

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About Chainway Labs

Chainway Labs, the company building Citrea, was co-founded by four young computer scientists and entrepreneurs with a focus on Bitcoin, Ethereum, and zero-knowledge technology.

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View original content:https://www.prnewswire.co.uk/news-releases/citrea-raises-14m-to-expand-bitcoin-beyond-digital-gold-302289040.html

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DNA Fund, a leading Web3 investment firm, selected Validation Cloud, a leader in Web3 infrastructure, as the Fund’s staking platform to deploy, manage, and monitor validators across emerging and leading crypto networks. As the first phase of the partnership, Validation Cloud will deploy a new USD 50M Telegram Network (“TON”) validator with DNA. Once the total $50M in the validator has been filled, DNA expects to launch an ETN, lowering the barrier to entry for institutional investors looking to invest in the TON network.

Validation Cloud’s next-generation staking infrastructure ensures DNA client funds are protected with SOC 2 compliance, 24/7 monitoring, and institutional-grade uptime. DNA clients have the potential to reap higher staking rewards through Validation Cloud’s unmatched validator performance, with a 98%+ RAVER score and the ability to quickly deploy validators that align with DNA’s asset roadmap.

“Validation Cloud is proud to partner with DNA Fund to deliver our highly performant and SOC 2 Type II compliant staking infrastructure, which will power DNA’s diverse investment portfolio and safeguard client funds. By deploying our TON validator, we’re advancing the institutional adoption of TON to meet the growing demand for scalable, secure digital asset solutions. This is the first of many initiatives to support DNA Fund’s innovative investment strategy,” said Validation Cloud Chief Strategy Officer Alex Nwaka.

DNA invests in a diverse portfolio to support emerging crypto startups and help launch the next generation of Web3 projects. DNA’s funds leverage the expertise of the DNA team and their access to deal flow to empower investors to capitalize on emerging opportunities in crypto and Web3.

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TON Blockchain has seen tremendous growth in recent years within its user community, particularly Telegram users. Validation Cloud and DNA Fund selected TON as their first joint product because they know its potential for institutional adoption. Driving institutional adoption within one of the world’s largest and fastest-growing blockchains will help the ecosystem enable more complex applications.

“We believe in the future of the Telegram Network and have allocated a significant amount of capital to owning its underlying asset, “TON”. We continue to explore ways by which to enhance our relationships with the TON community and help the entrepreneurs who are building on top of this unique platform,” stated Scott Walker, Director of DNA. “Launching a validator demonstrates our long-term commitment to the community,” added Walker.

Validation Cloud and DNA’s TON validator is the first of many digital assets to be supported. Outside of TON, Validation Cloud supports Ethereum, Solana, Babylon, and many more leading networks. Validation Cloud and DNA look forward to supporting DNA’s diverse portfolio of assets with Validation Cloud’s highly performant and compliant infrastructure.

The post DNA Holdings Venture Inc. and Validation Cloud Partner to Deliver $50M Institutional SOC 2 Compliant Staking Solution on TON appeared first on HIPTHER Alerts.

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After over a decade of speculation and mystery, the world will finally learn the true identity of Satoshi Nakamoto, the elusive inventor of Bitcoin and the foundational Blockchain technology. On this momentous occasion, Nakamoto will reveal his legal identity in a live press conference, marking a historic event in the cryptocurrency landscape.

Nakamoto, whose whitepaper launched the world’s first decentralized cryptocurrency in 2008, has cited growing legal pressures as a driving factor for this decision. “The time has come for me to officially reveal my identity. I am facing significant legal challenges, and I believe the world deserves to know the truth,” Nakamoto stated.

The announcement coincides with the anniversary of Bitcoin’s whitepaper release and will provide verifiable proof to confirm Nakamoto’s identity once and for all. This unprecedented revelation marks the end of more than 15 years of anonymity and signals a new chapter for Bitcoin and Blockchain technology.

Event Details:

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Date: 31 October 2024

Time: 11:30 AM

Venue: The Frontline Club, Norfolk Place, Paddington, London, W2

A live demonstration will be conducted during the press conference, conclusively proving Nakamoto’s status as the creator of Bitcoin. This event promises to be the most significant moment in the history of cryptocurrency.

The post Satoshi Nakamoto to Reveal Legal Identity on 31 October 2024 appeared first on HIPTHER Alerts.

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