Elastos, a project that wants to transform Bitcoin into a more fruitful base for decentralized funding (DEFI), has raised $ 20 million against this goal.

Elastos, a decentralized infrastructure provider, aims to scale his Bitcoin Defi Protocol Bel2 as a tool for the world’s original blockchain.

The company has raised $ 20 million from the private investment company Rollman Management, which it plans to expand its merged Ela-Token as a Bitcoin reserve asset, Elastos Coindesk said in an email Thursday.

Merge mining is the process of mining two or more cryptocurrencies simultaneously.

BEL2 is built to allow Bitcoin holders to security in their wallets and access Ethereum Smart Contract Services, such as Minting StableCecoins and Peer-to-Peer Lending.

Elastos is one of a large number of projects that want to utilize the approx. $ 2 trillion stored in Bitcoin by building defi services that BTC’s deep wells can finance.

Defi requires liquidity and security that both bitcoin can provide a stronger track record than any other blockchain. Historically, however, the network has lacked the tool for DEFI projects to be able to exploit it, which is what Elastos and others are aiming to tackle.

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