Cryptocurrency Staking Service Acre Secures $4 Million Investment from Big Brain Holdings and Other Backers
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A new player in the cryptocurrency space, Acre, has recently closed a $4 million token funding round. This liquidity layer for bitcoin scaling aims to enhance Bitcoin's liquidity capabilities, supporting higher transaction throughput and scalability.
Since launching its mainnet last July, Acre claims to have collected over $100 million in BTC deposits. The deposits take approximately three hours to complete, maintaining decentralization throughout the process.
Acre prioritizes security over speed in its deposit process. Wallendal, a representative from Acre, stated that deposits on Acre remain fully decentralized throughout the process. The deposited Bitcoin is held in a 51-of-100 multi-sig system operated by decentralized nodes, ensuring high levels of security.
Notable Web3 companies like Lido, EigenLayer, Wormhole, Thesis, and Quantstamp also participated in the funding round. The funds will be used to expand Acre's team, integrate additional protocols, and advance collaborations with new wallet partners.
Acre provides bitcoin liquidity to decentralized networks, enabling lending and other DeFi integrations beyond staking. Unlike traditional staking models, Acre is bitcoin-first, allowing BTC holders to participate in DeFi without interacting with new chains or managing multiple tokens. Acre uses tBTC as its decentralized custodian for deposited BTC.
The funding was structured as a simple agreement for future equity (SAFE) with token warrants and closed at a token valuation of $90 million. Backers included Draper Dragon, Big Brain Holdings, and Orange DAO, among others.
While the specifics of Acre's technology and roadmap are not yet fully detailed, its positioning as a "new liquidity layer for bitcoin scaling" suggests it aims to address Bitcoin's scaling challenges by introducing additional liquidity infrastructure. As more information becomes available, we can expect to learn more about Acre’s technical approach and the specific use cases it plans to support.
- The recent funding round for Acre, a new player in the cryptocurrency space, attracted not only Bitcoin enthusiasts but also Web3 companies like Lido, EigenLayer, Wormhole, Thesis, and Quantstamp, all of which expressed interest in Acre's innovative technology.
- Acre's innovative technology, a liquidity layer for Bitcoin scaling, could potentially revolutionize the finance and investing landscape, as it aims to cater to the need for higher transaction throughput and scalability in the Bitcoin ecosystem.
- Given the participation of decentralized organizations such as DAOs like Orange DAO in Acre's funding round, it is evident that this technology holds significant potential for the future of decentralized autonomous organizations (DAOs) in the realm of Web3, finance, and technology.
