(MENAFN- GlobeNewsWire - Nasdaq) Renowned investor Tim Draper's firm joins forces with Boost VC to accelerate institutional DeFi adoption on Bitcoin's $880 billion network.
Toronto, Canada, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Torram, pioneering institutional-grade decentralized finance (DeFi) infrastructure on Bitcoin, today announced a strategic investment from Draper Associates, the venture firm led by legendary crypto investor Tim Draper. Selected from over 200 applicants for the highly exclusive BitcoinFi Accelerator, Torram is now better positioned to capture the rapidly expanding institutional DeFi market as Bitcoin emerges as the leading blockchain for traditional finance.
The investment, led by Draper Associates with participation from Boost VC and Thesis, comes as institutional demand for Bitcoin-native DeFi solutions surges, with the DeFi market set to soar to $50 billion by 2025. Torram's institutional-grade infrastructure enables banks, asset managers, and financial institutions to tap into Bitcoin's security and $880 billion market cap through compliant DeFi solutions.
"We believe in Bitcoin and there's now a gravitational pull towards Bitcoin," said Tim Draper, Founder of Draper Associates. "It's a critical time in global history, and we're excited about these applications that are being built on the most important blockchain.”
Torram emerged as one of the top performers from Bitcoin Startup Labs' pre-accelerator program and has now earned one of only eight spots in BitcoinFi Accelerator's inaugural cohort. The exclusive 6-week program, backed by leading Bitcoin investors, provides $150,000 in initial funding alongside technical resources and strategic partnerships essential for scaling Bitcoin-native applications.
"Securing backing from visionaries like Tim Draper and Adam Draper validates our approach to bridging traditional finance (TradFi) with Bitcoin's powerful capabilities," said Vakeesan Mahalingam, CEO of Torram. "Their strategic guidance and deep network in both TradFi and crypto will be instrumental as we roll out our institutional DeFi infrastructure."
Torram's technology stack includes:
An institutional-grade decentralized oracle network Advanced on-chain data indexing for real-time analytics Proprietary security framework meeting institutional compliance requirements Cross-chain infrastructure enabling seamless integration with existing systems
The company will launch its testnet in Q1 2025, with tier-1 banks and leading asset managers already committed to pilot programs. Early access to the testnet is in high demand and is limited to qualified institutions and partners.
For early investment opportunities or to learn more about how Torram is positioning itself to lead the Bitcoin DeFi revolution, visit torram.xyz.
Early-stage investors include:
Draper Associates
Blockchain Founders Fund
Boost VC
Side Door Ventures
Deep Ventures
Silvermine Capital
MH Ventures
Bitcoin Startup Lab
About Torram
Torram is building the foundational infrastructure that enables institutional-grade DeFi and real-world asset tokenization natively on Bitcoin. Torram empowers financial institutions to leverage Bitcoin's unmatched security, transparency, and $880 billion of global liquidity through its decentralized oracle network, on-chain data indexing, and institutional-grade solutions.
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Disclaimer:
This press release contains forward-looking statements, including statements regarding Torram's plans, objectives, and future business operations. These forward-looking statements are based on the company's current expectations, beliefs, and projections, and are subject to inherent risks and uncertainties. Actual results may differ materially from those expressed or implied by these statements due to various factors, including market conditions, regulatory changes, technological challenges, and competition.
The information in this release is not intended to constitute legal, financial, or investment advice. Readers should conduct their own research and consult with professional advisors before making any investment decisions or entering into any agreements. Torram does not guarantee any specific outcomes or returns on investment.
Torram does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. All trademarks and registered trademarks are the property of their respective owners.
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