Dear Investors,
I'm excited to announce promising developments in our fundraising efforts.
While the market has faced setbacks this year, leading to a 78% decline in investment originations, we have persevered.
Comma3 Ventures, based in Taipei and Singapore, has committed to leading our round, investing $250k and offering invaluable support in various areas.
This partnership brings us closer to unlocking over $600Bn of Bitcoin capital into DeFi protocols.
With active discussions underway with numerous DeFi funds, I anticipate a successful close to our pre-seed round very soon.
Overview
We have integrated with the Hiro wallet, marking our first integration to go live! Basic DLC signing was merged into Hiro wallet's release branch and will soon support testnet transactions.
Read more here: https://twitter.com/DLC_Link/status/1684626076234924032
We have been admitted to the renowned blockchain group at Creative Destruction Lab (CDL), a Canadian accelerator closely affiliated with universities and industry experts.
I will be attending 3 single-session days over the upcoming months. I’m a former graduate of CDL as I had participated with my last startup, MarketMuse
We’ve won a Stacks Foundation grant to enable ordinals in DLCs. This will also enable advanced trading and lending of other sat-based assets, such as BRC-20 tokens.
We are aiming to support these 1-2 months after our Sept launch (targeting Oct or Nov)
Security audits with CoinFabrik began on-schedule July 25. We are conducting daily meetings with their auditor over the next two weeks. We’ve also identified other auditors that we will be engaging
We recently concluded our yearly offsite in the picturesque mountains of Ljubljana, Slovenia. This tradition fosters a great environment for open discussion and team-building
Sales and Business Development
As of today, our sales pipeline includes 50 deals in Needs Analysis, 19 in Perception Analysis and 6 in Proposal/Quote stage. We’ve Closed Won $38k in YTD Revenue
We are in discussions with a number of vault and bridge providers, most commonly with the goal of decentralizing Bitcoin deposits into lending platforms
We’ve also seen strong interest from multichain protocols who are looking to trade or borrow against ordinals and other sat-based assets
We are in testnet with both Hiro and Xverse wallets (the latter available as a custom browser extension). Between these two alone, DLC.Link will be able to serve an audience of over 170,000 users
Marketing and PR
We’ve launched a new Media section on our website! This section contains blog posts, case studies, videos and a newsroom where we highlight PR features.
Check it out here: https://www.dlcbtc.com/media
One of our most helpful pieces of sales collateral has been our article covering the difference between a DLC and a typical bridge.
Unlike bridges, Bitcoin locked in a DLC cannot be stolen by a hacker.
We will soon be releasing an explainer video, but you can also read the blog post here: https://www.dlc.link/blog/the-difference-between-a-dlc-layer-and-a-decentralized-consensus-network
We invite all investors to join our Telegram community at English: https://t.me/dlcbtc
For native Mandarin speakers, you can join our Chinese community at https://t.me/dlcbtc_cn
Follow us on Twitter at https://x.com/dlcBTC
Testimonials
A few recent quotes from our fans:
"Earn a yield on passively-held Bitcoin" – Costas, Arcade.xyz
"Trustless Bitcoin liquidity protocol" – Denny Yang, Comma3 Ventures
"dlcBTC is making Bitcoin more composable & usable in DeFi" – Oliver Birch, Global Head, Chainlink BUILD Program
"You're sovereign Bitcoin for everything else” – Leading Bitcoin Investment Fund
Product
Redesigned Observer: Our blockchain "observer" feature has been integrated into the Attestor application itself, eliminating the need for a middleman and significantly reducing security risks
Wallet Integration & Milestone Reached: We have integrated with the Hiro wallet, marking our second major wallet integration! Basic DLC signing merged into Hiro wallet's dev branch, soon supporting testnet transactions
Exciting Achievement: Successfully ran the first multi-attestor end-to-end DLCs between our web wallet and protocol wallet.
We’ve hit our Q2 milestones of having a high-availability multi-attestor working in testnet with least 2 nodes.
Enhancing Security: Integrated Ethereum communication into our DLC wallet service, simplifying and increasing platform security
Finance and Fundraising
We’ve raised $1Mn to date. To recap, we were seeded by grants from Chainlink and Stacks, and have since raised from 6 VC funds, a Sequoia Scout and a Bitcoin whale
In addition to that, Comma 3 Capital will be investing $250k in fresh capital and will be actively advising us
Our fundraising target remains at $750k. We are in active conversations with over a dozen funds and anticipate closing the round relatively soon
How You Can Help
I always appreciate referrals to DeFi and CeFi teams that are looking to utilize or expand into Bitcoin, ordinals, BRC-20s or other satoshi-based assets.
Best,
Aki
PS – Missed any of our previous Investor Updates? Read the entire collection here: https://drive.google.com/drive/folders/1ZfXwo-YRDbyfjlcuD-1HZsH4ub4XsgHk
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