DeFi Technologies has announced the launch of a validator node on Core Chain and plans to stake nearly $100 million in Bitcoin (BTC). This Canadian company will receive rewards for validating transactions and staking through its subsidiary Valour.

Thanks to Core’s Ethereum Virtual Machine-compatible blockchain, users can easily stake their assets. Olivier Roussy Newton, CEO of DeFi Technologies, says:

“We are bridging traditional finance with innovative blockchain technology. This provides our investors with unique opportunities for yield and growth within the digital asset space.”

During the lock-up period, stakers retain control over their BTC and receive rewards in CORE tokens, which are reinvested. Staking CORE offers a yield of 11.66%.

Security is ensured by directing 50% of the BTC mining hash power to the blockchain. Core currently has more than 2,800 BTC staked, not including the new stake from DeFi Technologies.

Collaboration between DeFi Technologies and Core

This move follows a previous collaboration. On May 10, they launched the Valour Bitcoin Staking exchange-traded product (ETP) on the Nordic Growth Market exchange, with the Swedish krona as the base currency.

The Valour ETP offers BTC exposure with a yield of 5.65% and a management fee of 1.9%. They also plan to launch a Core ETP that offers yield through BTC staking.

Valour also offers ETPs backed by 12 other coins, including Uniswap and Polkadot, a basket of 10 coins, Bitcoin Carbon Neutral (BTCN), and the STOXX Bitcoin Suisse Digital Asset Blue Chip X Index. Some products have no management fee.

DeFi Technologies’ Focus on BTC

This step aligns with DeFi Technologies’ strategy to focus more on BTC. On June 10, DeFi Technologies announced that BTC would become their primary treasury reserve asset and purchased 110 BTC. This news led to a 23% increase in the company’s share price.

As of May 31, DeFi Technologies had a cash position of $51 million, and Valour had $607 million in assets under management (AUM). In March 2022, Valour’s AUM was $274 million.

Conclusion

With the launch of a validator node on Core Chain and staking nearly $100 million in Bitcoin, DeFi Technologies demonstrates their commitment to innovation and growth in the digital asset space. Their focus on BTC and new financial products makes them a key player in the world of decentralized finance.