Zest Protocol completes $3.5 million seed round financing, led by Tim Draper

2024-05-13 21:06:52

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ChainCatcher news, Bitcoin lending protocol Zest Protocol has completed a $3.5 million seed round financing, led by Tim Draper, with participation from Binance Labs, Flow Traders, Trust Machines, and others.

The protocol utilizes the Nakamoto upgrade of the Bitcoin Layer 2 stack and bridges the asset sBTC (pegged 1:1 with Bitcoin) to create a fully native lending service on the Bitcoin network.

Additionally, the Web3 asset data platform RootData shows that Zest Protocol is a Bitcoin lending protocol that enables Bitcoin liquidity providers to earn Bitcoin yields through professionally managed lending pools, which lend to the most reputable borrowers in the cryptocurrency space. For borrowers, Zest directly offers on-chain Bitcoin loans against their balance sheets.

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Zest Protocol Providing under-collateralized Bitcoin loans to institutional borrowers