Innovative Bitcoin Scalability Solution Expands Bitcoin’s Use Beyond Store of Value
Citrea, the first solution to unlock Bitcoin’s full potential as more than just “digital gold”, has successfully raised $14M in Series A funding. The round was led by Peter Thiel’s Founders Fund and saw participation from prominent investors including Erik Voorhees, Balaji Srinivasan, Jameson Lopp, Maven11, and other influential angels and venture capitalists. Citrea has also launched its exclusive developer program, Citrea Origins, designed to bring together a select group of developers to build applications on the platform.
For years, Bitcoin’s role as a store of value has been widely recognized. However, its broader financial capabilities have remained limited due to a lack of scalability solutions that do not compromise its core principles of decentralization and security. Bitcoin’s adoption as a passive store of value has led to a reliance on custodians for broader use cases, undermining its position in decentralized finance (DeFi). Without a solution to address these scalability challenges, Bitcoin risks losing its relevance and becoming obsolete within the decentralized finance ecosystem.
Citrea aims to change this dynamic by being the first Bitcoin scalability solution to expand Bitcoin’s utility while retaining its decentralization and security. Leveraging zero-knowledge technology, Citrea enhances the Bitcoin blockspace to support a wide range of on-chain applications and platforms. This innovative approach eliminates the need for intermediaries, enabling users to trustlessly buy, lend, borrow, and leverage Bitcoin, transforming the cryptocurrency from a passive store of value into an active financial tool.
Breaking Barriers in Bitcoin’s Scalability
Citrea marks a significant step forward in the evolution of Bitcoin and is the first investment we’ve made within the Bitcoin ecosystem,” said Joey Krug, Partner at Founders Fund. With its outstanding team and the best technical design we’ve seen in the Bitcoin Layer 2 (L2) space, Citrea’s 0→1 technology makes Ethereum-like rollups for smart contracts on Bitcoin possible, all in a trust-minimized environment.
This breakthrough in scalability technology is poised to unlock Bitcoin’s true potential in decentralized finance. By providing a more scalable and secure solution, Citrea offers Bitcoin users the ability to use their Bitcoin for a wider variety of purposes, such as borrowing and lending, without compromising on security or decentralization.
Orkun Kilic, co-founder and CEO of Chainway Labs, said, “Over the past 18 months, we have been building the infrastructure that Bitcoin needs to move beyond just a store of value and enter a new era of Bitcoin-backed decentralized finance. Citrea combines cutting-edge cryptography with rigorous engineering to make this vision a reality. Our mission is to lay the foundation for global hyperbitcoinization, where Bitcoin is not just a currency but the backbone of a borderless economy.”
Citrea Origins: A New Frontier for Developers
To further drive the adoption of Bitcoin as an active tool in decentralized finance, Citrea has launched Citrea Origins, an exclusive developer program aimed at fostering innovation within the Bitcoin ecosystem. This initiative invites developers to build diverse applications on the Citrea platform, accelerating the next generation of Bitcoin-powered DeFi solutions.
The future of Bitcoin lies not just in its store of value but in its utility across a wide range of financial applications. Citrea’s groundbreaking technology is set to play a pivotal role in Bitcoin’s journey towards becoming a dynamic player in decentralized finance.
