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§ Private Profile
Side Protocol is a technology company.
Side Protocol builds a Bitcoin extension layer, operating as a Delegated Proof of Stake (dPoS) Layer-1 blockchain fully compatible with the Bitcoin network. It offers a distributed mesh liquidity solution, interconnecting asset liquidity across diverse networks via advanced inter-blockchain trading protocols. This infrastructure aims to expand Bitcoin's utility for decentralized finance.
Founded in 2023 by Dave Hrycyszyn and Shane Qiu, Side Protocol entered the Bitcoin ecosystem in 2024. Hrycyszyn brings prior technical director experience. Qiu, a former Binance Labs researcher and Chinese University of Hong Kong graduate, identified the crucial need for a scalable financial layer atop Bitcoin, fueling the protocol's development.
The protocol serves developers and financial institutions deploying applications requiring Bitcoin's security and liquidity. Side Protocol’s vision is to become a foundational infrastructure for interconnected, distributed liquidity across the multi-chain landscape. The company seeks to expand Bitcoin's functional scope, fostering a more integrated, accessible financial ecosystem.
Side Protocol has raised $300K across 1 funding round.
Side Protocol has raised $300K in total across 1 funding round.
Side Protocol has raised $300K across 1 funding round. Most recently, it raised $300K Seed in July 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 1, 2023 | $300K Seed | KR1 | — | Announced |
Side Protocol (now rebranded as Bitway) is a blockchain infrastructure company building a Bitcoin-compatible Layer 1 chain and suite of tools to enable decentralized on-chain banking, mesh liquidity networks, and bridgeless asset exchanges across ecosystems like Bitcoin, Ethereum, Solana, and Cosmos.[1][2][3][5] It develops products such as Side Chain (a scalable Bitcoin sidechain with WASM smart contracts for DeFi, AI, and DePIN), Side Hub (a liquidity engine for Web3 apps with native DeFi, bridging via Side Bridge, and future stablecoins/lending), and Side Wallet (self-custodial wallet for BTC, Runes, and ecosystem assets).[1][2][4] Targeting crypto users, developers, and institutions, it solves Bitcoin's scalability limits, high fees, and interoperability gaps by using BTC as native gas, enabling fast transactions, and fostering a global Bitcoin-centered economy without intermediaries.[1][3][5] Founded in 2021, it raised $1.5M pre-seed in 2023 at $30M valuation from investors like HashKey Capital and KR1, with mainnet eyed for early 2025 and $SIDE token launch.[1][2][5]
Side Protocol emerged in 2021 from Side Labs, founded by Shane Qiu (cofounder) and Dave Hrycyszyn (CTO), with a team boasting experience from Web2 giants like Meta, Google, and others transitioning to Web3.[1][2] The idea stemmed from Bitcoin's untapped potential as global money, addressing cross-chain liquidity fragmentation via a distributed mesh network that decentralizes liquidity hubs and eliminates bridges/intermediary tokens.[2][4][6] Early traction included a $1.5M pre-seed round on July 21, 2023 (valuing tokens at $30M via simple agreement for future tokens), plus a $30.9M public sale, backed by HashKey Capital, Symbolic Capital, KR1, Continue Capital, Informal Systems, and angels.[1][2] Pivotal moments: announcing $SIDE token economics in November 2024 (1B total supply, SPL on Solana initially, mainnet January 2025 with airdrops to Bitcoin/Cosmos users), and rebranding to Bitway to signal a "universal on-chain financial layer" incubated in programs like YZi Labs/EASY Residency.[3][5]
Side Protocol rides the Bitcoin renaissance trend—unlocking BTC's $1T+ market cap for DeFi via L2/sidechains, amid rising demand for scalable, interoperable infrastructure post-Runes/Ordinals.[1][3][5] Timing aligns with Cosmos IBC maturity, Solana's speed, and Ethereum's liquidity, enabling "mesh" networks that counter bridge risks (e.g., exploits) and TradFi-Web3 convergence.[2][4] Market forces like AI/DePIN growth, regulatory clarity for BTC finance, and global adoption (e.g., via incubators in NY/Dubai/Singapore) favor it, positioning Bitway as a foundational protocol influencing Bitcoin's evolution into a settlement layer for global commerce.[1][3] It empowers developers to build without silos, boosting the Cosmos/Bitcoin ecosystems' TVL and dApp diversity.[7]
With mainnet and $SIDE launch slated for January 2025, Bitway is poised to capture Bitcoin DeFi momentum through gas-free BTC lending, stablecoins, and expanded interoperability, potentially scaling to rival Cosmos hubs if liquidity bootstraps via airdrops/incentives.[1][3][5] Trends like BTC as collateral in multi-chain finance, AI-driven dApps, and DePIN will shape it, evolving its influence from niche infra to a borderless financial backbone—tying back to its core mission of making Bitcoin programmable global money.[1][3] Risks include execution delays and competition, but strong backing and rebrand signal builder focus for outsized impact.
Side Protocol has raised $300K in total across 1 funding round.
Side Protocol's investors include KR1.