SatLayer, a Bitcoin restaking protocol built on Babylon, has secured $8 million in an oversubscribed pre-seed round

The fundraising also attracted participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, and CMS Holdings

Bitcoin (BTC) restaking protocol SatLayer has closed an oversubscribed $8 million pre-seed round co-led by Hack VC and Castle Island Ventures.

The fundraising also saw participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, and CMS Holdings, among others, The Block reported on Thursday.

Initially planning to raise $4 million, the round was structured as a simple agreement for future equity (SAFE) with token warrants, according to SatLayer co-founder Luke Xie.

While multiple protocols are offering BTC restaking, SatLayer is the first protocol built on Babylon, Bitcoin’s bridging protocol to yield-bearing proof-of-stake (PoS) networks.

The announcement coincides with Babylon’s launch of phase one of its self-custodial mainnet. The platform has already locked 12,720 stakers performing over 20,610 staking delegations, according to its website.

SatLayer allows users to restake their BTC and Bitcoin liquid-staking tokens from platforms like Solv Protocol and Lombard, among others.

“Many in the space — especially those that have been around for a few years — have substantial bitcoin holdings sitting idle, which can be put to greater use,” said Xie.

SatLayer has yet to formalize plans for a token as it currently offers users rewards in the form of points. “We don’t have formalized plans for the token yet, and will announce at a later stage if/when details are available,” he added.

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