In a strategic move, DeFi Technologies, a Canadian digital asset company, has announced plans to launch a validation node on the Core Chain blockchain and invest a whopping $100 million in it.
DeFi Technologies bets big on Bitcoin by launching a validation node
DeFi Technologies, a Toronto-based pioneer in decentralized finance, takes a major step forward in its adoption of Bitcoin (BTC). The digital asset company prepares to deploy a validation node on Core Chain, the Layer 1 blockchain powered by BTC, as part of a massive investment of almost $100 million.
Through its subsidiary Valour, a specialist in crypto-backed exchange-traded products (ETPs), DeFi Technologies will validate transactions on Core Chain and will receive staking rewards in return for active participation in network consensus. This process will be made possible by the Ethereum virtual machine-compatible (EVM) consensus mechanism developed by Core Chain.
According to Olivier Roussy Newton, CEO of DeFi Technologies, this strategic investment is fully in line with the company’s ambitious mission to connect traditional finance with blockchain technology.
By staking 1,498 BTC and participating in the network consensus, we are advancing our mission to connect traditional finance with innovative blockchain technology.
Olivier Roussy Newton, CEO of DeFi Technologies
This bold move is part of the company’s overall strategy to position BTC as its primary cash reserve asset. Recently, DeFi Technologies reinforced its commitment to Bitcoin by announcing the acquisition of a further 110 BTC, a decision that led to a remarkable 23% rise in the company’s share price.
DeFi Technologies expands its range of Bitcoin-related products
Staking 1,498 BTC on Core Chain by DeFi Technologies marks another major step in its strategic partnership with this pioneering blockchain.
Last May, the two innovative entities had already made their mark by jointly launching the Valor Bitcoin Staking ETP on the stock exchange Nordic Growth Market. This investment product offers investors unique exposure to Bitcoin, with an attractive yield of 5.65%.
As part of this new initiative, investors participating in Staking on Core Chain retain full ownership of their BTC holdings, while receiving token rewards CORE. These tokens, directly reinvested in the product, will generate a particularly attractive return of 11.66%, offering an additional opportunity for value enhancement.
But DeFi Technologies and Core Chain have no intention of stopping there. The two pioneers plan to introduce an innovative Core ETP in the near future, which will provide additional returns through Bitcoin staking. Valor, the ETP specialist subsidiary of DeFi Technologiesalready offers a diversified range of products backed by other major cryptos such as such as Uniswap, Polkadot and a 10-tokens basket.
With this massive investment in staking of Bitcoin, the flagship cryptocurrency, DeFi Technologies is resolutely pursuing its BTC adoption strategy. This visionary approach, combined with the ongoing launch of new investment products linked to the Bitcoin has firmly positioned the company as a key player in the ecosystem.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
