Bitcredit Protocol raises €6.7M pre-seed for Bitcoin M1
Summary
This aims to address the multi-trillion dollar trade finance gap identified by the Asian Development Bank (1) which cannot be served economically by the fiat money system.The free software expands the Bitcoin system with a novel credit money layer M1, redeemable in outright Bitcoin, backed by electronic bills of exchange as proposed by the UN model law MLETR 2017 (2).To date, the Bitcredit initiative has relied on its initiators, volunteer efforts and contributions from its global community to reach its first milestones. With the new backing by a potent sponsor from the Bitcoin ecosystem, the project is now recruiting dedicated specialists to complete the development of its minimal viable product version (MVP) and enable a new wave of Bitcoin adoption.In addition, the Bitcredit initiative will set up and launch a reference operation in a suitable first jurisdiction to be announced in due course. This entity will develop best practices for the public domain as a blueprint for any business wishing to join the permissionless and serverless Bitcredit network in their respective countries.DC Advisory London was mandated as a financial advisor for the transaction.To follow the further development of Bitcredit Protocol, join the @bitcr_org community on X, formerly Twitter, or LinkedIn.Disclaimer:This press release is for informational purposes only. Investments in these fields are inherently risky and should be approached with due diligence.Should you identify any discrepancies, concerns, or inaccuracies in the content provided in this press release or require assistance with a press release takedown, we strongly urge you to notify us promptly by contacting error@releasecontact.com (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our responsive team is committed to addressing your concerns within 8 hours by taking necessary actions to resolve identified issues diligently or guiding you through the necessary steps for removal.