Dear Investors,
Institutions are entering Bitcoin, and they need infrastructure that meets their standards for compliance, performance, and reliability. That’s why we chose to launch iBTC on Canton—a network purpose-built for regulated finance and backed by Goldman Sachs, DRW, and Broadridge. Canton already clears $1.5 Trillion per month in repo activity and hosts $6 Trillion in tokenized assets. We are the first Bitcoin project building native infrastructure and applications on this network.
Our deployment is already generating revenue. We earn CantonCoins through validator rewards, app usage incentives, and mint/burn fees on all BTC volume. Today, this brings in over $100,000 per month, cutting our burn to just $25,000. As the BTC derivatives market on Canton comes online and app rewards shift to developers, this will scale to $1 million per month in profit within 6–12 months — a self-sustaining, cash-generating system.
iBTC is uniquely suited for Canton. It is the only theft-proof Bitcoin wrapper, self-custodied on Bitcoin Layer 1 with no bridges or third-party custody. It integrates directly with BitGo, Anchorage, and Copper. Once deployed, iBTC will power initial and variation margin flows for BTC derivatives traded by QCP, DRW, and FalconX.
We’re proud to be the first Bitcoin project on Canton and look forward to deepening our role as the ecosystem grows.
Sales and Business Development
Our liquidity agreement with Bullish is now in due diligence. We’re finalizing legal terms and preparing to decentralize the multisig. Bullish has selected Anchorage as their custodian for minting iBTC.
We’ve nearly completed our onboarding with Cumberland and expect to begin trading this week. They will serve as our global OTC desk for iBTC, BTC, the upcoming BIT token, CantonCoin, and other assets.
On XRPL, Flowdesk and Keyrock are actively minting iBTC. iBTC-XRP pairs are live on several DEX pools, and iBTC is now listed on multiple lending platforms across the XRPL ecosystem.
StarkNet integration is undergoing code audit and progressing well. The integration should complete in April.
We’ve partnered with BIMA to offer a yield-stacking strategy for iBTC that earns over 20%+ APY. Users mint USBD with iBTC, earn base yield, then deploy xUSBD on platforms like Pendle or Spectra for additional layers of return.
Marketing and PR
We announced our rebranding! New designs and a website and dApp launch imminent.
iBTC co-marketed with Flowdesk to enhance institutional-grade Bitcoin liquidity on XRPL, facilitating AMM pools and cross-chain swaps.
The integration with Starknet was teased, highlighting iBTC's potential to enable institutions to earn compliant yield on Bitcoin through zero-knowledge technology.
A launch announcement with Canton Network was made, aimed at streamlining Bitcoin-based margin flows for OTC derivatives trading.
CEO Aki Balogh spoke at the NYSE, contributing to the discourse on crypto policy and adoption and emphasizing iBTC's pivotal role in this evolving landscape.
iBTC co-hosted an event with Cumberland and industry leaders, fostering discussions on institution-grade Bitcoin yield opportunities.
The launch of wiBTC and siBTC Spectra Pools has expanded iBTC's presence and utility within the DeFi ecosystem.
Product
As we continue to keep short-term focus on Canton network, we are accelerating our roll-out of iBTC on Canton. We have a goal of getting iBTC into testnet by mid-April for testing.
We have our initial iBTC contracts written, with the support of the Digital Assets team
The iBTC Canton mainnet node is up-and-running, and earning rewards. A rebuilt devnet and testnet nodes will be coming next.
We are focused on onboarding 4 other iBTC Attestor node operators to Canton in the short term, so we can launch initially with a 3-of-5 consensus, and scale up from there.
We are also fulfilling a grant request by connecting iBTC to StarkNet. This is expected to be completed in April.
Testimonials
“You’re a better, faster, cheaper version of wBTC” – Head of Trading at a leading prime brokerage
“iBTC unlocks new staking yield opportunities for Bitcoin users.” – Felix Lutsch, Head of Ecosystem, Symbiotic
"You're sovereign Bitcoin for everything else” – Leading Bitcoin Investment Fund
Finance and Fundraising
Please see our updated Investor Hub. We’re actively speaking with lead investors, including several aligned with the Canton ecosystem. Despite the broader market downturn, we’re confident we’ll secure the right capital partner to support our next stage of growth.
How You Can Help
We’re looking to meet more institutions that hold BTC and are looking for safe yields. These may include asset managers, trading desks, OTC desks, lenders, market makers and other financial institutions.
If you know any that aren’t familiar with iBTC, please introduce me via Telegram (@akibalogh) or email ([email protected]).
Best,
Aki
PS – Missed any of our previous Investor Updates? Read past editions here.
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