Bitcoin restaking platform SatLayer raises $8 million in pre-seed round led by Hack VC

TechFlow News, August 22 — According to The Block, SatLayer, a Bitcoin restaking platform built on the Babylon protocol, announced it has raised $8 million in pre-seed funding led by Hack VC and Castle Island Ventures. Institutions including Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, and CMS Holdings also participated in the round.

As the first Bitcoin restaking platform built on Babylon, SatLayer enables users to restake their Bitcoin and liquid staked-Bitcoin tokens minted through Solv Protocol, Lombard, Bedrock, pStake, and PumpBTC to secure Bitcoin Validation Services (BVSs). SatLayer co-founder Luke Xie stated that there is currently no formal plan regarding a potential native token launch in the future.