- Citrea aims to extend Bitcoin’s use beyond being a “digital gold” store of value by enabling DeFi services like borrowing, lending, and leveraging BTC, all without intermediaries.
- Citrea leverages zero-knowledge technology to enhance Bitcoin’s scalability and supports Ethereum-like rollups, allowing Bitcoin to host diverse on-chain applications while maintaining security and decentralization.
Citrea has raised $14 million in a Series A funding round led by Peter Thiel’s Founders Fund, with participation from key players in the crypto ecosystem, including Erik Voorhees, Balaji Srinivasan, Jameson Lopp, and Maven11.
This funding marks Founders Fund’s inaugural venture into Bitcoin-focused investments and underscores the growing demand for Bitcoin solutions beyond its “digital gold” status.
Citrea Expands Bitcoin-powered DeFi
While Bitcoin’s appeal as a store of value has surged, its use in broader financial applications remains constrained. Citrea aims to break this barrier by launching the first scalability solution that bolsters Bitcoin’s utility without sacrificing decentralization or security.
Built on zero-knowledge technology, Citrea’s platform enables users to perform diverse financial activities—such as borrowing, lending, and leveraging BTC—directly on the Bitcoin network without intermediaries.
This latest funding will support Citrea’s broader mission to make Bitcoin an active financial tool, addressing longstanding scalability limitations in decentralized finance (DeFi).
“Citrea is a milestone in Bitcoin’s evolution,” said Joey Krug, Partner at Founders Fund. “Its technology enables Ethereum-like rollups for Bitcoin smart contracts in a trust-minimized way.”
Simultaneously, Citrea has rolled out ‘Citrea Origins,’ an exclusive program inviting developers to pioneer applications on the platform. This initiative is designed to build a Bitcoin-based DeFi ecosystem, unlocking the potential for applications that could drive Bitcoin-backed decentralized finance at scale.
According to Orkun Kilic, CEO of Chainway Labs, Citrea will enable a “borderless economy and censorship-resistant monetary layer,” aiming to facilitate “hyperbitcoinization” through cryptographic advancements.
Read Also: Lightlink Partners With Gravitaslabs To Bring Lamborghini Web3 Automotive Platform to Life
