Dear Investors,
Much of the energy around BitSafe this month came from the launch of our open-sourced Decentralization Manager. We are doing something new at BitSafe: shifting our company to support an open-source product.
Truthfully, I have wanted to build this kind of company for a long time. In 2011, when I was working at InfinityDB, we moved from an enterprise, closed-source enterprise database to an open-source model. This is a different market, but history rhymes.
The idea is simple. Our code, which we are experts in, becomes a standard in the Canton ecosystem. Builders can inspect it, adapt it, extend it, and make it part of how they build on Canton. BitSafe remains the expert team for hosted deployments, support, integrations and enterprise-grade implementations. Distribution grows rapidly, boosting our pipeline.
That is the strategic and cultural shift that we are making. Historically, BitSafe has been known as the team that brought Bitcoin to Canton. With Decentralization Manager, we want to become known as the “decentralization team on Canton”.
The problem we are solving is larger than it may look today. Many Canton applications, especially wallets, DEXs, custody products and other DeFi infrastructure, need a way to split signing control across multiple independent companies. Elsewhere in crypto, that kind of decentralization is inherently native to the operating model. In Canton, it is not. For many regulated or institution-facing applications, that gap matters. It affects compliance, operational control, governance, and trust.
Our first market is the builder ecosystem: the wallets, exchanges, and applications that need shared control as they go live. The second market is the institutional client base. As banks and large financial institutions come to Canton, many will want hosted, supported decentralization infrastructure rather than running everything themselves. That market will take longer to develop because Canton is still maturing, but the direction is clear. Canton's planned October launch should start to bring a more professional pipeline into view for the Decentralization Manager line of products.
This is why the launch matters. Decentralization Manager is not just another product around CBTC. It is the beginning of a second business line for BitSafe, and a way to turn the infrastructure we had to build for ourselves into something the rest of Canton can build on.
Business Development
The month's commercial cadence pointed in one direction: making CBTC distribution repeatable. Rather than chasing one-off deals, we standardized how new venues and wallets sign on, closed roughly a dozen agreements under those uniform terms, and — for the first time — saw an outside team commit to the Decentralization Manager. That last point is the earliest proof that our second business can attract customers, not just power our own applications.
The agreements that matter most for the story:
CBTC distribution went from bespoke to repeatable — roughly a dozen wallet and on-chain-exchange agreements closed under one standardized commercial agreement. New signings span decentralized exchanges, wallets, and prediction-market venues (including OneSwap / Sats Terminal, Slay Money, Cantex, WolfEdge Labs, Nightly, trade.fast, ZORO, AngelHack, Modulo, and Silvana), all on a uniform revenue-share template. The pattern matters more than any single name: onboarding new CBTC distribution is now a repeatable motion rather than a custom negotiation each time.
First external adopter of the Decentralization Manager (Palladium). An independently audited external team committed to run on the Decentralization Manager for its security and administrative controls as it goes live on mainnet — the first customer of our decentralization-infrastructure business, and a real-world validation ahead of the public launch.
Pipeline threads worth watching (counterparties still under NDA; generic descriptors only):
A field of global trading firms competing for a dedicated CBTC market-making mandate. Several are in active negotiation to provide continuous liquidity across venues; selecting and signing a lead market maker remains the near-term milestone.
A cohort of institutional node operators and app builders lining up behind the Decentralization Manager. Infrastructure and custody providers are preparing to operate at launch, and early build interest already includes a self-custody multi-signature use case from a major infrastructure firm and a decentralized proof-of-reserve use case from an oracle provider.
Newly launched Canton trading venues preparing CBTC integrations, lining CBTC up as collateral and as a listed asset on the network's fastest-growing trading category.
Surrounding these: active discussions across custodians, market makers, cross-chain Bitcoin routing partners, and on-chain lending protocols; earlier-stage outreach across additional exchanges and wallets. The backdrop stayed favorable, with regulated market infrastructure (DTCC's tokenization service) entering its first limited production on Canton.
Product & Engineering
Integrations live in July
CBTC swaps deepened on OneSwap (Sats Terminal's AMM). OneSwap, the permissionless Canton AMM where CBTC is listed, shipped its v2 and a developer SDK, giving CBTC holders deeper in-wallet swap access and liquidity across integrated wallets.
CBTC integrated on a new institutional venue (Stableport / Clavius). Clavius, an institutional RFQ and midpoint execution venue, went live on Canton testnet with CBTC as a listed asset ahead of its mainnet launch.
Decentralization Manager
Launch readiness for the public beta is complete — documentation, whitepaper, third-party audit, and go-to-market assets are all done — with go-live scheduled for late July (a short slip from earlier in the month to finalize launch materials).
First external adopter (Palladium) is going live on mainnet on the Decentralization Manager; additional use cases — a self-custody multi-signature setup and a decentralized proof-of-reserve feed — are being scoped with prospective builders.
Began onboarding external node operators onto the Decentralization Manager, and added new authentication mechanisms so it supports the range of node and key-management setups on Canton (for example, KMS-backed nodes). Early onboardings are going well.
Received our first major grant payment for Milestone 1, having completed the bulk of the development effort; the remaining task under this grant is ongoing support. Meanwhile, Milestone 2 for Decentralization Manager development was accepted, a slightly larger milestone that reflects the support for our product within the ecosystem and from Digital Asset itself.
Other engineering milestones
Completed a first draft of our token launchpad demo, which we will begin sharing with customers in the coming weeks.
Building our data and rewards pipeline into DevNet with CIP-104 support, so we are ready for the mainnet launch on time.
Reward-minting delegation (under Canton's new CIP-104 reward model) was proven on devnet for the decentralized party that runs CBTC, keeping CBTC's rewards system intact through the network's upcoming change.
Our CBTC Attestor software has gotten a dedicated engineer, and will be receiving some nice monitoring, security, and quality improvements over the next few months.
Marketing & PR
HackCanton CBTC Bounty Challenge: kicked off a developer hackathon (with ecosystem co-marketing partners) and a 50,000 CC developer bounty, seeding a builder pipeline for CBTC and the Decentralization Manager.
Decentralization Manager launch — a two-stage rollout. With positioning for the Decentralization Manager and Decentralization Services finalized ahead of launch, a sales launch in late July gave our closest partners an early walkthrough of how to put the tools to work; the official public launch followed at the end of the month with a launch video, a coordinated social push across X and LinkedIn, a press release carrying quotes from ecosystem partners (including the Canton Foundation, Palladium, DSRV, Nethermind, and Finoa) picked up by Decrypt, and a newsletter announcement.
New website, new positioning: launched a new website with refreshed branding and sharper institutional positioning — an interim step ahead of a full brand revamp later this year.
CBTC on Kaiko: CBTC went live on the Kaiko market-data platform, with a joint growth campaign in planning.
Co-marketing with Silvana: ran a joint launch campaign with Silvana now that CBTC is live on the venue, with growth campaigns in planning (post).
Co-marketing with Digital Asset: supported the launch of the latest version of the DA Registry — the tokenization engine CBTC is built on — with coordinated social posts (LinkedIn).
Featured in Palladium's "State of the Canton Network — H1 2026" report, which maps 490+ ecosystem participants — third-party recognition of BitSafe's role in the network's first half (LinkedIn).
OutEast Summit sponsorship: sponsored the summit, generating leads and new connections across the Canton ecosystem.
Ecosystem enablement pilot: designed a pilot program that formalizes BitSafe's matchmaking role in the Canton ecosystem — pairing app builders with vetted node operators and providing hands-on enablement to accelerate new integrations.
New Decentralization Manager one-pagers: produced dedicated one-pagers for app developers and node operators to support launch and sales outreach.
Team
Continued hiring and onboarding across engineering, with newly added engineers ramping on the attestor and Decentralization Manager stacks.
Open roles: actively hiring a Content Marketing Manager and a Marketing Manager.
Financials
We continue to plan for a ~$10M raise at some point this year or next to fund the next phase of CBTC and Decentralization Manager growth. The near-term priority remains substantiating the Decentralization Manager business model. Before we raise, we need to capture real customer adoption, understand its economics and demonstrate that it can become a meaningful second growth engine alongside CBTC.
How You Can Help
Institutional node operators / validators — intros to teams that want to operate on the Decentralization Manager as it opens to public beta.
App developers & builders — intros to teams that need shared-control custody, governance, multi-signature, or proof-of-reserve, and could build on the Decentralization Manager.
Trading firms & market makers — intros to firms that can provide continuous CBTC liquidity across venues, especially for the dedicated market-making mandate.
Exchanges & wallets — intros to platforms looking to list or embed CBTC under our standardized program.
Please intros via LinkedIn, Slack DM or to [email protected].
Best,
Aki