The Bitcoin re-staking platform SatLayer has completed an $8 million Pre-Seed funding round, led by Hack VC and Castle Island Ventures

ChainCatcher news, according to The Block, the Bitcoin re-staking platform SatLayer, built on Babylon, announced the completion of an $8 million Pre-Seed funding round, led by Hack VC and Castle Island Ventures, with participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, CMS Holdings, and others.

As the first Bitcoin re-staking platform built on Babylon, SatLayer allows users to re-stake their Bitcoin and Bitcoin liquid staking tokens minted based on Solv Protocol, Lombard, Bedrock, pStake, and PumpBTC, to protect Bitcoin validation services (BVSs). SatLayer co-founder Luke Xie stated that there are no formal plans yet for a native token that may be launched in the future.