DeFi Technologies, a publicly traded Canadian fintech company, plans to stake more than $100 million worth of BTC on Core Chain. In an announcement on June 11, the company revealed it would stake 1,498 BTC on the network and has set up a validator node to independently validate transactions.

This move follows DeFi Technologies' recent adoption of Bitcoin as its primary treasury reserve asset, beginning with the purchase of 110 BTC.

Core Chain, a Layer-1 blockchain compatible with the Ethereum Virtual Machine and powered by Bitcoin, allows BTC miners and stakers to earn yield through its Satoshi Plus consensus mechanism. This system combines Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS), where network validators play a crucial role in transaction validation and block production.

By launching its validator node, DeFi Technologies aims to enhance network performance and will receive rewards for staking Bitcoin. Unlike traditional staking models used in proof-of-stake blockchains like Ethereum, Core Chain offers a unique approach to non-custodial Bitcoin staking, allowing BTC holders to earn yield without giving up custody of their tokens.

Olivier Roussy Newton, CEO of DeFi Technologies, emphasized that this initiative underscores the company's commitment to the DeFi ecosystem and its partnership with the Core Foundation. He stated:

"By staking 1,498 BTC and participating in network consensus, we are advancing our mission to integrate traditional finance with innovative blockchain technology, particularly leveraging Bitcoin's capabilities."

According to Core Chain's website, DeFi Technologies' participation will significantly increase the total amount of staked BTC on the network, currently standing at 2,813 BTC.