According to BadgerDAO’s announcement, over 200 of Fireblocks’ institutional clients will be able to securely hold Badger assets on their platform. Fireblocks has integrated the Badger app and the platform’s Sett vaults into its DeFi API and browser extension products, which will enable its users to deposit tokenized Bitcoin directly into any of Badger’s automated yield-producing vaults to generate between 10% and 197% APY.
When staking their Badger or DIGG in the Sett vaults, institutional users will receive a token that represents their share of the vault (bBadger and bDIGG), which will then automatically compound interest back into their original position. Users will also be able to acquire Badger and DIGG tokens through the Fireblocks DeFi app or browser extension, as well as on an AMM such as Uniswap.
The Badger protocol has over $1 billion worth of tokenized Bitcoin in its vaults from automated yield aggregation strategies, the company said in the announcement. After passing multiple security audits and supporting thousands of users on its platform, Badger said its smart contracts are ready to onboard the next wave of institutional Bitcoin holders.
Last month, Fireblocks raised $133 million in a Series C funding round led by VC firms Coatue, Ribbit, and Stripes. The newly acquired funds will help Fireblocks remain an independent technology provider and expand its settlement infrastructure to onboard new clients. The crypto infrastructure provider counts institutions such as BNY Mellon, Galaxy Digital, Genesis, JST Capital, Revolut, Parafi Capital, and Coinbase Pro among its clients.