Coinspeaker DeFi Technologies Joins Core Blockchain as Validator
DeFi Technologies Inc, a leading financial technology firm bridging traditional financial markets with the crypto economy, has announced the launch of its Core Chain validator node. This move allows the company to serve as an independent validator for the network.
The company said that joining other validators on the Core Chain is part of its new DeFi Infrastructure business line. The unit is on a mission to support the decentralized finance (DeFi) ecosystem and enhance its infrastructure.
Latest Validator
Core Chain is an advanced, Bitcoin-powered, EVM-compatible blockchain. The protocol integrates Bitcoin miners and BTC stakers into its security model, offering rewards in return. Validators play a crucial role in Core Chain’s Satoshi Plus consensus mechanism, validating transactions and producing blocks on the network.
As the latest validator on Core blockchain, DeFi Technologies will help improve the network’s security and efficiency. The company will be responsible for validating transactions and safeguarding the blockchain from cybercriminals.
This effort is expected to yield rewards for the company, as securing transactions on the network will result in compensation.
In addition to running the validator node, DeFi Technologies will participate in consensus, voting on proposals and future updates to support the network’s growth and development.
Commencing on the latest development, DeFi Technologies CEO Olivier Roussy Newton said that deploying the validators mode on the blockchain is part of the company’s commitment to the DeFi sector.
“We are excited to take this significant step forward with the launch of our Core Chain validator node. This initiative not only enhances our commitment to the decentralized finance ecosystem but also strengthens our strategic partnership with Core Foundation,” said Newton.
DeFi Technologies to Stake Over $100M BTC on Core
The company has also chosen to stake 1,498 Bitcoin (BTC), worth approximately $100.6 million at the current price of $67,159.
According to an official press release, this initiative continues the company’s partnership with Core Foundation, announced on May 15, 2024.
At the time, the company disclosed that the collaboration would be focused on developing innovative Bitcoin Exchange Traded Products (ETPs). These products are designed to utilize Core Chain’s unique blockchain features, offering new yield opportunities through BTC staking.
Thanks to the unique nature of Core Chain’s Satoshi Plus consensus, Bitcoin staking is non-custodial. This means that BTC holders can earn additional cash by staking their bitcoins on the network without giving up custody.
DeFi Technologies CEO said that staking the 1, 498 BTC on the chain will help advance the company’s mission to bridge the world of traditional finance with innovative blockchain technology, specifically leveraging Bitcoin’s potential.
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DeFi Technologies Joins Core Blockchain as Validator