Bitcredit Protocol raises €6.7M pre-seed for Bitcoin M1
London, UK - October 1, 2024 —
Bitcredit Protocol has secured €6.7 million (US$7.5 million) in pre-seed financing. The open source initiative aims to upgrade Bitcoin from a store of value into a viable currency for the real economy.
Despite its significant promise and price appreciation, Bitcoin’s adoption as a global digital money has not progressed much in recent years. Bitcredit Protocol, a community- driven open source software project, aims to upgrade Bitcoin from a store of value into a viable currency for the real economy.
For businesses, the Bitcredit network presents a direct, simple solution for their working capital and trade finance requirements, without a need for intermediaries. This aims to address the multi-trillion dollar trade finance gap identified by the Asian Development Bank (1) which cannot be served economically by the fiat money system.
The free software expands the Bitcoin system with a novel credit money layer M1, redeemable in outright Bitcoin, backed by electronic bills of exchange as proposed by the UN model law MLETR 2017 (2).
To date, the Bitcredit initiative has relied on its initiators, volunteer efforts and contributions from its global community to reach its first milestones. With the new backing by a potent sponsor from the Bitcoin ecosystem, the project is now recruiting dedicated specialists to complete the development of its minimal viable product version (MVP) and enable a new wave of Bitcoin adoption.
In addition, the Bitcredit initiative will set up and launch a reference operation in a suitable first jurisdiction to be announced in due course. This entity will develop best practices for the public domain as a blueprint for any business wishing to join the permissionless and serverless Bitcredit network in their respective countries.
DC Advisory London was mandated as a financial advisor for the transaction.
To follow the further development of Bitcredit Protocol, join the @bitcr_org community on X, formerly Twitter, or LinkedIn.
(1) See: https://www.adb.org/news/global-trade-finance-gap-expands-25-trillion-2022
(2) See: https://uncitral.un.org/en/texts/ecommerce/modellaw/electronic_transferable_records
Email: press@bitcr.org
Contact: Cody Ellingham (GMT+13)
Web: https://www.bit.cr/deep-dive
Contact Info:
Name: Cody Ellingham
Email: Send Email
Organization: Bitcredit
Website: https://www.bit.cr/deep-dive
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