Bitcredit Protocol raises €6.7M pre-seed for Bitcoin M1

General

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: [email protected]
Contact:
Cody
Ellingham
(GMT+13)

Web:
https://www.bit.cr/deep-dive