DeFi
DeFi Technologies stakes 1,498 BTC on mainchain validator
DeFi Technologies Inc. announced the deployment of a Core Chain validator node as part of its DeFi Infrastructure business line. The validator node is expected to be one of the key components of the Core Chain network, as it will verify transactions and generate blocks that will improve the security and efficiency of the network.
DeFi Technologies plans to stake 1,498 BTC on the Core Chain. The company plans to use its Bitcoins primarily in the digital asset sector to stake them for revenue and network validity. The staking process is non-custodial, allowing DeFi Technologies to participate in network consensus without giving up custody of its BTC holdings.
“We are excited to reach this important milestone with the launch of our Core Chain validator node. This initiative not only reinforces our commitment to the decentralized finance ecosystem, but also strengthens our strategic partnership with Core Foundation. By staking 1,498 BTC and participating in network consensus, we are advancing our mission to connect traditional finance with innovative blockchain technology, specifically harnessing the potential of Bitcoin.
said Olivier Roussy Newton, CEO of DeFi Technologies.
Earlier this year, DeFi Technologies signed a partnership agreement with Core Foundation to create Bitcoin Exchange Traded Products (ETP). From this partnership, Valor has already released the Yield Bearing BTC ETP and is preparing to launch a new CORE ETP.
These products leverage specific features of the Core Chain blockchain to open up staking yield opportunities using BTC. However, at the time of writing, BTC was trading at $67,303.63 a drop of 3.34% in 24 hours.
DeFi Technologies recognized Bitcoin as part of its treasury reserve by focusing on its digital nature rather than the asset behind it. The company recently purchased 110 bitcoins for 10.5 million CAD ($7.6 million). This is part of its financial plan to protect its purchasing power and currency against the threat of inflation.