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DeFi protocol BadgerDAO declared an upcoming integration with Fireblocks, a digital asset storage, management, and DeFi on-ramp for institutional investors, in a blog post. Badger DAO stated that the collaboration would assist in bringing institutional Bitcoin to the DeFi ecosystem. It also intends to develop its usage amongst the growing institutional investor base. Fireblocks is an enterprise-grade platform that provides a secure infrastructure for storing, moving, and issuing digital assets for institutional customers.
Chris Spadafora, the founder of BadgerDAO, elucidated that the integration would help make Badger’s products and vaults more accessible to institutional investors and not simply the retail DeFi users. The alliance will allow the Badger dApp and Sett vaults to be combined into Fireblocks to devise API and browser extension products. Badger’s flagship product is the Sett vault. Users can store tokenized Bitcoin in the vault, like renBTC or wBTC, to create an automated yield.
Institutional Investors Can Securely Store their Badger Tokens and Assets on Fireblocks Platform
The protocol boasts of having approximately $1 billion worth of tokenized Bitcoin in its vaults from automated yield aggregation strategies. The collaboration will also help Institutional clients securely hold their Badger tokens and interest-bearing assets on the Fireblocks platform. The blog post also added that Fireblock users could stake on the protocol for high-yielding LP tokens in return.
Moreover, Fireblocks first provided institutional access to DeFi through integration with money market Compound. After that, it onboarded another dozen protocols involving mainstays. Clients comprise significant cryptocurrency funds such as Parafi Capital and Galaxy Digital. Furthermore, in March, the company raised a massive $133 million in a funding round led by BNY Mellon. It has been associated with various other crypto and DeFi protocols, including Aave, Synthetix, and NEM.
BadgerDAO collaborated with Yearn Finance in February to develop secure Bitcoin vaults. It also started its stablecoin called CLAWS in the same month. BadgerDAO’s native token rose 8% on the news, touching $41.82 at the time of press, according to CoinGecko. BADGER has retreated 10% over the past week. Further, the token hit an ATH (all-time high) of $84 on Feb. 9 but has currently reverted to about half that. The total value locked on the protocol is around $1 billion, according to DeFi Pulse.