JAN3, the team that developed the popular Bitcoin wallet AQUA raised $5 million to further develop its superapp.
Fulgur Ventures was the leader of the funding round announced on January 3 coinciding with Bitcoin’s Genesis Block anniversary. Tether and other participants also participated.
The pre-seed funding of $620,000 was secured at the beginning of 2023.
AQUA Bridges Bitcoin Savings to USDT Spending
Tether CEO Paolo Ardoino stated that AQUA was a good fit for the market, combining Bitcoin savings and the ease of using Tether’s stablecoin.
“Tether supports JAN3 in its efforts to improve financial freedom for people around the globe. JAN3 AQUA’s wallet found an excellent product-market fit, as it offers the perfect balance for saving in Bitcoin while spending in USDt.
JAN3 will allocate $1,000,000 from its funds as part of its growth strategy. The money will be used to purchase 12 BTC for an average price per coin of $83,333.
The new funding will allow JAN3 AQUA’s functionality to grow, prioritizing the integration of features like local on/off ramps, credit cards and loans in its Marketplace.
The app is already compatible with the Liquid Network (a Bitcoin sidechain) developed by Blockstream. It also offers native integration of Tether’s Stablecoin.
Samson Mow said, “Our aim is to bring a billion new users to Bitcoin.”
“AQUA has already proven to be a useful app for everyday life. It will continue evolving into a better Bitcoin Superapp.”
Lava Aims To Offer Bitcoin-Backed Loans
Lava is a New York based Bitcoin Lending Platform that has received $10 million of Series A funding. This money will allow users to borrow against their Bitcoins.
This article aims to solve a common problem for crypto-investors who want to leverage the assets they own without having to sell them.
Crypto lending has come under scrutiny after the collapses in 2022 of companies like Genesis, BlockFi, Celsius, and others.
These failures, driven by practices such as rehypothecation–where client collateral is used to back other transactions–damaged trust in the sector.
Lava’s goal is to regain trust in the Bitcoin community by allowing their users to self-custody.
BitGo, a cryptocurrency custody provider that has partnered with Core DAO (a layer-1 blockchain-based platform), has developed institutional-grade Bitcoin Staking.
BitGo will be the first custodian to offer institutional access to Core DAO dual staking. It will enable clients to earn a return on their Bitcoin assets.
The staking mechanisms allows institutions to retain full custody over their assets while reducing counterparty risks that are often associated traditional staking techniques.
