Dear Investors,
We have retired Incentive Program 1.0. While it successfully drove early adoption and activity, it also led to farming behavior that did not contribute to durable liquidity or meaningful price discovery.
We are now developing Incentive Program 2.0 with a different objective: incentivizing BTC liquidity on Canton. The new program will reward sustained, high-quality liquidity—tight spreads, consistent two-sided depth, and participation from external capital—rather than raw transaction volume.
To support this, we are actively working with market makers and BTC liquidity providers to establish stronger market structure. Market makers will anchor quoting and execution quality, while LPs will bring BTC capital into CBTC markets through pools and structured strategies. This coordinated approach is intended to create more stable and credible markets for CBTC.
Rewards in 2.0 will be tied to measurable liquidity quality metrics, with stricter requirements and monitoring to prevent extractive behavior. The result will be slower but more durable growth, focused on building a foundation for long-term market depth and institutional participation.
Our goal is to make CBTC a reliably liquid Bitcoin asset on Canton, supported by real capital and aligned incentives.
Sales and Business Development
We are developing Incentive Program 2.0 with Cantex and Temple to drive BTC liquidity on Canton. We are now onboarding liquidity providers for CBTC-CC and CBTC-USDCX pools.
We signed a market-making agreement with Elk Capital Markets to anchor quoting and execution quality. Next, we’re reaching out to additional market makers including G20, Selini, Ergonia (DRW) and others to expand depth.
We have a waitlist of 30+ companies for our vault factory and token factory products, including DTCC, Tether Gold, Kiln, HexTrust, and others.
Chainlink’s Proof of Reserve feed for CBTC is live: https://data.chain.link/streams/cbtc-por-nav-datalink
End of an era. The last iBTC has been retired! https://mempool.space/tx/19abf7ba62f63d084377746cc81822e4f5131a5817c4849ed12d3eedcedf8f26
Marketing and PR
CBTC is now live on Cantex, a new trading venue on Canton Network, with sub-10 second atomic settlement, full self-custody, and privacy by default. Cantex's V2 Engine supports token-to-token swaps across the Canton ecosystem.
Institutional Bitcoin lending is now live on Canton. CBTC is supported on Haven Digital Partners' permissioned peer-to-peer lending marketplace, giving institutions a regulated way to lend and borrow against Bitcoin on Canton Network — the first institutional lending use case for CBTC.
We are shifting our go-to-market approach from direct retail campaigns to a co-marketing partnership model with ecosystem venues — wallets, DEXs, and lending platforms. This aligns incentives with the platforms where CBTC activity is concentrated and enables scalable, partner-driven growth. Co-marketing campaigns with BitGo and many other venues on Canton are lined up for April.
We completed a full homepage content overhaul at bitsafe.finance — new tagline (Decentralized infrastructure for limitless finance), a three-product grid featuring DecParty, CBTC, and Vaults, and updated CBTC product pages reflecting our institutional positioning.
Content operations are now fully in-house. Following the end of our agency relationship, X and LinkedIn are managed internally. We built an internal AI-powered marketing content studio that generates brand-compliant tweets, threads, LinkedIn posts, and blog drafts using BitSafe's brand rules, ICPs, and live context from Notion and Slack — with quality checking, preference memory, and direct export to Notion.
We are building an AI-powered design agent that connects Claude, Figma, and a design token system to automate on-brand graphic creation — social assets, sales decks, and video — enforcing brand guidelines at the design layer.
Look out for marketing around our upcoming DecParty product launch, starting with a whitepaper.
Product
March saw the kickoff of our planned collaboration with DA to co-launch the Decentralization Management App. We are setting the feature sets and timelines with DA, and focused development is underway.
We have also begun designs for a series of template products, or “plug-ins” to the decentralization system, which can be used as specs for other teams. We also will consider launching a version of these under the Bitsafe brand as well. These include a multi-sig wallet, a token-launchpad, etc. Details to follow.
Our Vault product released as a Beta product, running on the devnet Canton cluster with Finoa as the other node operator, as well as the Vault curator. Our goal here is to simulate real-world usage patterns and get feedback from a 3rd party about usability. We’ll be tracking this over the next few weeks. Meanwhile, our development efforts have primarily shifted to focus on the Decentralization App.
Costs for being a confirming-node for CBTC activity dropped to zero, a preliminary step towards CIP-104.
Furthermore, all marker generation for CBTC movement has moved into an automation system run by DA. This alleviates our responsibility to track and fire markers, as well as puts us into compliance with current GSF guidelines by default.
We are continuing to revamp our data pipeline, optimizing for flexibility with the recent and future network changes (e.g. cip-104) and comparing for data correctness against various network data providers.
The last BTC backing iBTC across EVM / XRPL chains has been redeemed. This will eliminate a great deal of code and supporting systems, and marks a big milestone in our shifted focus towards the Canton ecosystem.
Team
Balázs Bódi joins the Budapest engineering team as a senior engineer, bringing experience from Accenture, Proton, and the Kraken data compliance team.
We are actively hiring a Revenue Operations Manager to build and operate CRM infrastructure and attribution across the full sales funnel (from first touch through close), tightening reporting and enabling a scalable revenue engine.
Finance and Fundraising
RevFirst, a new VC entrant to the ecosystem, is completing a secondary purchase for several of our early investors who needed liquidity due to fund timelines. RevFirst’s principal, Allan Tear, is managing the process. His fund has a 10-year horizon, allowing him to take on these SAFE notes as a long-term position.
How You Can Help
We are focused on expanding three areas: liquidity, vault builders, and institutional distribution. Introductions to market makers, trading firms, and liquidity providers who can deepen CBTC markets are valuable. We are also looking to connect with asset managers and strategy teams interested in launching curator vaults using our DecParty and vault factory stack.
On the infrastructure side, we welcome conversations with wallets, custodians, and applications that want to integrate CBTC or issue assets using DecParty as their coordination layer.
If you can connect us to relevant counterparties, please reach out via Slack or email at [email protected].
Best,
Aki