Hyperithm Invests in Zest Protocol: First On-Chain Lending for Native Bitcoin
Reading Time: 2 minutesHyperithm has invested in “Zest Protocol,” the first on-chain lending service for native Bitcoin. Zest Protocol enables secure and transparent on-chain lending, free from counterparty risks, using sBTC, an asset pegged 1:1 to Bitcoin (BTC), which will be launched on Stacks, a Bitcoin-based Layer 2 blockchain.
sBTC is a Stacks-based BTC-pegged asset issued 1:1 against the amount of BTC deposited on the Bitcoin chain, ensuring stability through smart contracts and decentralized validators.
Taiko Onnash, co-founder of Zest Protocol, stated, “We are delighted to partner with Hyperithm to expand Zest Protocol’s footprint in Korea and Japan. It’s an honor to be part of the innovation process that began over a decade ago around Bitcoin and is now coming to fruition. Zest Protocol is currently operating alongside the Stacks lending market and is garnering significant interest, particularly in the Asian market.”
Jun Lee, CEO of Hyperithm, commented on the investment, saying, “We decided to invest in Zest Protocol because we recognize the immense potential of the $1 trillion digital asset market and highly value Zest Protocol’s innovative approach to revolutionizing Bitcoin lending. Previous efforts to improve Bitcoin’s capital efficiency have struggled to avoid counterparty risk, but Zest Protocol offers a decentralized lending platform specifically tailored for native Bitcoin, eliminating the need for centralized intermediaries like exchanges. Hyperithm aims to support Zest Protocol to enhance transparency and advance decentralized finance.”
He added, “By allowing native BTC holders to participate in the on-chain lending market for the first time, Zest Protocol aligns perfectly with Hyperithm’s strategy of investing in innovative blockchain projects.”
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