Citrea is expanding the use of Bitcoin by offering DeFi services such as lending and borrowing BTC without intermediaries. The platform utilizes zero-knowledge technologies to enhance Bitcoin's scalability and supports rollups similar to Ethereum, enabling the hosting of a variety of applications on the Bitcoin blockchain.
Citrea has raised $14 million in a Series A funding round led by Peter Thiel's Founders Fund, with participation from prominent players in the crypto ecosystem. This marks Founders Fund's first investment in Bitcoin-focused projects and underscores the growing interest in Bitcoin-based solutions.
The launch of the ‘Citrea Origins’ program invites developers to create applications on the platform, fostering the formation of a DeFi ecosystem based on Bitcoin. Chainway Labs CEO Orkun Kilic noted that Citrea will serve as the foundation for a "limitless economy" and assist in achieving "hyperbitcoinization."
