Fintech PR

EQT AB (publ) Year-end report 2023

Published

10 months ago

January 18, 2024

CISION (PR Newswire)

STOCKHOLM, Jan. 18, 2024 /PRNewswire/ —

Investment activity reaccelerated in uncertain markets

“In 2023, EQT cemented our global position through the successful integration of BPEA in Asia, delivered on our strategic objective to offer investment strategies tailored for individual investors, and invested with confidence into what we think is an attractive market. We enter our fourth decade primed to build on the first thirty years, continuing to leverage our leadership in areas like sustainability, AI and digitalization for the best of our portfolio, our clients and our shareholders.”

Christian Sinding,
CEO and Managing Partner

Highlights for the period ‌Jan-Dec 2023‌ (‌‌Jan-Dec 2022‌)

Financial

In 2023, EQT delivered a significant uplift in management fees based on strong fundraising and the full-year effect of the combination with BPEA, whereas carried interest was lower due to slower realizations and largely flat fund valuations. Adjusted margins increased through operational efficiency and scaling effects
Total revenue (adjusted*) amounted to EUR ‌2,131‌m (EUR ‌‌1,536‌m), an increase of ‌39%‌. Total revenue (according to IFRS) was EUR ‌‌‌2,084‌m (EUR ‌‌1,497‌m). Management fees increased by ‌‌48%‌, driven by Private Capital and Infrastructure as well as the full-year contribution of BPEA
Carried interest and investment income (adjusted*) amounted to EUR ‌165‌m (EUR ‌‌‌‌208‌m), a decrease of ‌‌‌21%‌. IFRS carried interest and investment income amounted to EUR ‌‌‌118‌m (EUR ‌‌169‌m), a decrease of ‌‌‌30%‌
EBITDA (adjusted*) amounted to EUR ‌‌1,226‌m (EUR ‌‌829‌m), corresponding to an adjusted margin of ‌58%‌ (‌‌‌‌‌54%‌). EBITDA (according to IFRS) was EUR ‌‌‌‌693‌m (EUR ‌‌‌‌506‌m), corresponding to a margin of ‌‌‌33%‌ (‌‌‌‌34%‌)
Fee-related EBITDA (adjusted*) amounted to EUR ‌‌‌1,062‌m (EUR ‌‌‌621‌m), corresponding to an adjusted margin of ‌‌54%‌ (‌‌‌‌47%‌)
Net income (adjusted*) from continuing operations amounted to EUR ‌‌‌1,019‌m (EUR ‌‌‌654‌m). Net income from continuing operations (according to IFRS) was EUR ‌‌139m (EUR ‌‌‌176‌m)
Basic earnings per share (adjusted*) for continued operations amounted to EUR ‌‌0.860‌ (EUR ‌‌0.634‌). Diluted earnings per share (adjusted*) for continued operations amounted to EUR ‌0.859‌ (EUR ‌‌‌‌‌‌0.634‌). Reported basic earnings per share for continued operations amounted to EUR ‌‌‌‌‌0.117‌ (EUR ‌‌‌‌‌0.171‌). Diluted earnings per share for continued operations amounted to EUR ‌‌‌‌0.117‌ (EUR ‌‌‌‌‌0.171‌)

Strategic

The integration with BPEA, including the alignment of investment teams and processes, was completed. As of year-end 2023, BPEA EQT was rebranded “EQT Private Capital Asia”, enhancing EQT’s global brand reach
EQT launched its first semi-liquid products, EQT Nexus and EQRT. EQT Nexus and EQRT represent a new distribution channel for EQT by providing access for individuals to invest in private markets. EQT Nexus provides access to a diversified portfolio of EQT’s funds, and EQRT focuses on direct investments in commercial real estate
EQT laid the groundwork for a healthcare growth strategy by making strategic hires for its Private Capital Healthcare advisory team, enhancing its expertise in early-stage healthcare investments

Fundraising

FAUM increased to EUR ‌130‌bn (EUR ‌‌113‌bn). Total AUM was EUR ‌232‌bn (EUR ‌‌‌210‌bn). Gross inflows were primarily driven by closed out commitments from EQT X and EQT Infrastructure VI and amounted to EUR ‌‌24‌bn (EUR 55bn, of which over EUR 20bn following the combination with EQT Private Capital Asia)
EQT Exeter Industrial Value Fund VI held its final close at USD 4.9bn of fee-generating commitments, exceeding its target size of USD 4.0bn
Fundraising continued for EQT X with fee-generating commitments of EUR ‌‌20.1‌bn as of year-end. EQT X is expected to close at its hard cap in Q1 2024
As of year-end, EQT Infrastructure VI had fee-generating commitments of EUR ‌13.7‌bn. As of today (18 January), the fund has secured commitments of close to EUR 14.5bn. Fundraising is set to continue well into 2024, and the fund is expected to reach its target fund size
Fundraising continued for EQT Future, EQT Exeter US Multifamily Value II, EQT Exeter Europe Logistics Core-Plus II and EQT Active Core Infrastructure, with fundraisings generally taking longer in the current fundraising environment
Fundraising continued for BPEA EQT Mid Market Growth, and the hard cap was increased to USD 1.4bn

Investment and exit activity¹

Total investments by the EQT funds during the period amounted to EUR ‌19‌bn (EUR ‌‌12‌bn), as EQT reaccelerated the pace of investments to seize opportunities supported by long-term secular growth trends. Infrastructure had its most active investment year ever with EUR 9bn of investments, Private Capital announced investments close to EUR 9bn, and investment volumes in EQT Exeter picked up towards the end of the year with almost EUR 2bn of investments in total for the year
Investments were primarily made in sectors such as healthcare, technology, and digital. Examples of investments include Dechra Pharmaceuticals, a global developer, manufacturer and supplier of products relating to pets (EQT X), Zeus, a leading supplier of custom polymer components to the world’s most innovative medical device and industrial companies (EQT X), Heritage Environmental Services, a leading provider of industrial waste management (EQT Infrastructure VI), and Indira IVF, India’s largest chain of fertility clinics (BPEA VIII)
Total gross fund exits announced during the period amounted to EUR ‌6‌bn (EUR ‌‌‌11‌bn)

Investment performance

All key funds continued to perform On plan or Above plan
Key fund valuations were for the most part flat on a Gross MOIC basis, and in aggregate, the key fund valuations were up. The portfolio continued to develop well, but with some pockets of underperformance. Revenue growth slowed in Private Equity, offset by margin improvements which drove higher EBITDA growth, and the Infrastructure portfolio remained resilient. Listed companies in EQT’s key funds were down on average

Balance sheet, realization of carried interest and liquidity

At 31 December 2023, interest bearing liabilities amounted to EUR ‌2,021‌m. Cash and cash equivalents amounted to EUR ‌‌1,114‌m, EQT’s EUR 1.5bn revolving credit facility was undrawn, and Net Debt (ND) amounted to EUR ‌886‌m. ND/Adjusted EBITDA was ‌‌‌0.7x‌ and ND/Adjusted Fee-related EBITDA ‌‌0.8x‌
Carried interest (adjusted*) amounted to EUR 142m (EUR 202m). Realized (cash) carried interest amounted to EUR 115m (EUR 190m)
EQT completed a repurchase of 1.8m shares, with the objective of over time offsetting the dilution impact from EQT’s Incentive Programs

People

The number of full-time equivalent employees and on-site consultants (FTE+) amounted to ‌1,838‌ (‌‌1,790‌), of which ‌1,777‌ (‌‌‌1,669‌) were FTEs
Suzanne Donohoe joined EQT in January as Chief Commercial Officer to drive EQT’s external commercial activities
EQT further strengthened its investment organization with senior talent including Francesco Starace, former CEO and General Manager of Enel, joining EQT as a Partner within the EQT Infrastructure Advisory Team, bringing deep experience and expertise in energy and energy-transition related industries
Maarten de Jong and Mark Braganza joined EQT’s Private Capital Healthcare team as Partners, to bolster the new EQT Healthcare Growth Strategy, focused on early-stage healthcare investments

Future-proofing

As the first private markets firm to set Science Based Targets, we have supported 29 portfolio companies to get validated science-based targets, and additionally, close to 30 are now in the process of getting there
EQT published its Net Zero Guidelines and set a target that 100% of the EQT funds’ portfolio companies and real estate assets should be on track to achieve their 1.5°C aligned decarbonization plans by 2040
EQT expanded Motherbrain across all business lines, enabling investment advisory teams from every corner of the company to leverage EQT’s collective insights and proprietary platform
EQT continued to drive efficiencies and scalability in its central platform and improving the client experience. For example, EQT reduced the distribution time of fund reports from 52 to 40 business days after quarter close

Other

EQT opened an office in Seoul, South Korea, and EQT Infrastructure VI acquired SK Shieldus, a leading South Korean integrated security operator
EQT’s Global Capital Markets team put in place a structure for equity capital market services, similar to its already established practice of providing debt underwriting, in equity and notes offerings related to EQT and its portfolio companies
Going forward, EQT intends to further increase transparency by providing a combination of metrics related to carried interest. EQT will continue to report carried interest after applying a valuation buffer on the underlying fund valuations (currently defined as adjusted carried interest) as well as cash carried interest. In addition, EQT will provide carried interest based on underlying fund valuations without a discount (mark-to-market). With the revised reporting, EQT will provide a highly transparent carried interest reporting, including the short-term direct impact of fund valuation changes (mark-to-market), a high degree of visibility on expected mid-term cash flows (carried interest post fund valuation buffer), as well as the actual cash flows related to carried interest (cash carried interest)

Events after the reporting period

Investment levels in EQT key funds as of 18 January 2024, were 30-35% in EQT X, 30-35% in EQT Infrastructure VI and 40-45% in BPEA VIII
EQT introduced the new Healthcare Growth Strategy, a dedicated healthcare buyout strategy, with the acquisition of life sciences tools company Mabtech
The Board proposes a dividend per share of SEK 3.60 (SEK 3.00), to be paid in two installments, SEK 1.80 (SEK 1.50) in June 2024 and SEK 1.80 (SEK 1.50) in December 2024

^{* Adjusted figures. The adjusted metrics are alternative performance metrics for the EQT AB Group.}

^{1) Signed transactions, if not otherwise mentioned}

Presentation of EQT AB’s Year-end Report 2023

Financial analysts and media are invited to participate in a conference call, including a presentation at 08:30 CET.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Managing Director, Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CET on 18 January 2024.

The following files are available for download:

https://mb.cision.com/Main/87/3911449/2548179.pdf Advertisement	EQT AB Year-end report 2023
https://news.cision.com/eqt/i/eqt-ab-group,c3258703	EQT AB Group

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Fintech

Fintech Pulse: Your Daily Industry Brief – Breaking Trends and Insights in Fintech

Published

3 hours ago

October 31, 2024

Peter Tolan

fintech-pulse:-your-daily-industry-brief-–-breaking-trends-and-insights-in-fintech

In the fast-paced world of financial technology, shifts occur daily as companies strive for innovation, customer satisfaction, and enhanced market reach. Today’s briefing covers a spectrum of developments, from Visa Direct’s groundbreaking integration in Korea to challenges plaguing the app economy. We’ll also touch on recent acquisitions, strategic partnerships, and expansions in fintech ecosystems. Here’s what you need to know about today’s most pressing fintech trends.

Visa Direct’s Milestone in South Korea: SentBe’s Card Transfer Service Launch

South Korea’s fintech ecosystem has taken a notable leap forward with SentBe’s implementation of Visa Direct’s Card Transfer Service. This collaboration marks a milestone, positioning SentBe as the first Korean fintech company to offer card-to-card international money transfers, a feature in high demand given the rise in cross-border financial activities. Visa Direct’s real-time card-to-card transfers are a potential game-changer for consumers and businesses alike, facilitating faster and more secure global transactions.

The collaboration exemplifies Visa’s larger strategy of partnering with regional fintech players to broaden its influence across Asia’s dynamic fintech markets. By tapping into SentBe’s growing customer base and extensive user insights, Visa is embedding itself deeper into local markets, simultaneously offering Korean users a more streamlined and efficient money transfer experience.

The service’s design allows individuals and small businesses alike to benefit from quicker transaction processing times, marking a significant evolution from traditional remittance processes that rely on intermediary banks. The move is especially critical in a digital age where customer expectations lean heavily towards instant, seamless financial interactions.

Source: Electronic Payments International

Fintech App ‘Trap’ Enrages Consumers Struggling to Cancel Subscriptions

In the modern subscription-based economy, some fintech companies are facing backlash over what customers perceive as the ‘trap’ of endlessly renewable subscriptions that are nearly impossible to cancel. A recent expose revealed mounting frustrations among consumers who signed up for digital services but later found themselves locked into subscriptions they could not easily terminate. The piece highlights the darker side of user retention strategies deployed by some companies to mitigate churn by making cancellation processes intentionally convoluted.

The app-based economy relies on recurring revenue, which remains a vital lifeline for startups and established firms alike. However, industry insiders argue that lack of transparency and difficult cancellation processes have an adverse impact on customer trust, leading to a growing dissatisfaction that may ultimately backfire on these companies. As consumers grow more savvy, fintechs relying on these practices could risk higher attrition rates, regulatory scrutiny, and brand erosion.

This emerging issue has raised questions about ethical standards and customer-centric models in fintech. As competition intensifies, companies must balance growth with transparent practices that foster customer loyalty, rather than coercion.

Source: Forbes

Pinwheel and Terafina Partner to Streamline Omnichannel Customer Onboarding

Pinwheel, a fintech infrastructure company known for its payroll and income data connectivity solutions, recently announced a partnership with Terafina, a leader in omnichannel sales and service platforms for financial institutions. This collaboration aims to simplify and enhance the onboarding process for new customers, providing them with seamless experiences across multiple channels, whether online, mobile, or in-branch.

The partnership combines Pinwheel’s data integration capabilities with Terafina’s expertise in customer onboarding, allowing financial institutions to create more personalized and flexible account opening processes. With consumer expectations evolving towards instant service and mobile-first access, this integration empowers banks and credit unions to meet these needs by delivering cohesive and smooth digital onboarding journeys.

In an industry where customer acquisition and retention are increasingly dependent on first impressions, the significance of streamlined onboarding cannot be overstated. By improving access to real-time employment and income data, this partnership enhances user verification and compliance while also allowing institutions to better assess applicants’ creditworthiness, which is crucial in today’s lending environment.

Source: PR Newswire

nCino Acquires FullCircl in $135 Million Deal: Expanding the Scope of Relationship Management

Fintech giant nCino recently completed its acquisition of FullCircl, a move that underscores its ambition to broaden its reach in the financial services sector. FullCircl, known for its focus on customer relationship management (CRM) solutions tailored to financial institutions, brings a robust set of tools that will allow nCino to enhance its cloud-based banking platform. The acquisition, valued at $135 million, positions nCino as a stronger player in the relationship management space, especially crucial for institutions looking to build deep, long-term client relationships.

With this acquisition, nCino aims to expand its footprint in Europe and boost its offerings in the CRM space, providing banks and credit unions with innovative tools for client engagement and retention. The integration of FullCircl’s CRM capabilities will also support nCino’s existing portfolio, which includes loan origination and digital banking solutions, strengthening its position as a one-stop platform for financial institutions.

This acquisition is part of a growing trend of consolidation in the fintech sector, where larger firms acquire specialized players to fill critical service gaps and offer more comprehensive solutions. By building a holistic platform that spans multiple functionalities, nCino is better equipped to compete in the increasingly crowded digital banking software market.

Source: The Paypers

DriveWealth’s European Expansion: A Strategic Base in Lithuania

DriveWealth, a digital brokerage technology firm, has chosen Lithuania as the launchpad for its European operations. By establishing a base within Lithuania’s burgeoning fintech hub, DriveWealth is strategically positioning itself to tap into the European market, leveraging the country’s favorable regulatory environment and proximity to major EU economies.

The expansion is particularly significant given the increasing demand in Europe for retail investing platforms that provide accessible and affordable market entry. DriveWealth’s solutions enable digital brokers and financial platforms to offer customers fractional shares and real-time trading experiences, which have proven highly popular in markets like the U.S. This move aligns with DriveWealth’s long-term growth strategy and its commitment to democratizing access to investing across the globe.

Lithuania’s supportive regulatory framework and well-developed fintech infrastructure make it an ideal location for DriveWealth’s entry into Europe. The country’s fintech-friendly policies allow innovative financial service providers to set up and scale efficiently. DriveWealth’s presence in Lithuania not only adds to the growing cluster of fintech firms but also reinforces the country’s reputation as a rising fintech powerhouse within the EU.

Source: Finance Magnates

Key Takeaways and Strategic Insights

As seen from today’s top stories, several overarching themes shape the fintech landscape:

Global Partnerships and Local Expansion: Visa’s collaboration with SentBe exemplifies how partnerships enable fintech firms to break into regional markets by addressing specific customer needs.
Transparency in Subscription Models: The customer backlash against difficult-to-cancel fintech services raises concerns about the sustainability of current subscription models.
Innovation in Customer Onboarding: Pinwheel and Terafina’s partnership highlights the importance of streamlined onboarding processes as a means to increase customer satisfaction and improve retention.
Mergers and Acquisitions to Fill Service Gaps: nCino’s acquisition of FullCircl illustrates a broader trend of consolidation, where fintech companies acquire specialized players to broaden their product portfolios.
Regional Hubs as Strategic Launch Pads: DriveWealth’s decision to establish a base in Lithuania underscores the importance of regional fintech hubs in providing a supportive environment for global expansion.

Today’s roundup underscores the adaptability of fintech companies as they navigate emerging challenges and opportunities. From addressing regional financial needs to innovating customer experience, fintech firms continue to redefine what it means to engage in modern finance. As the industry grows, so too does the necessity for ethical practices, robust infrastructure, and agile customer solutions. In this competitive environment, the companies that prioritize transparency, customer satisfaction, and strategic expansion will set the standard for the future of finance.

The post Fintech Pulse: Your Daily Industry Brief – Breaking Trends and Insights in Fintech appeared first on HIPTHER Alerts.

Fintech PR

MANTRA and Libre Open Onchain Access to BlackRock Money Market Fund

Published

5 hours ago

October 31, 2024

CISION (PR Newswire)

mantra-and-libre-open-onchain-access-to-blackrock-money-market-fund

HONG KONG, Oct. 31, 2024 MANTRA, a layer 1 blockchain purpose-built for tokenized real-world assets (RWAs) has partnered with Libre Capital, a UAE-headquartered financial instruments tokenization and issuance platform, to provide investors with onchain access to a diverse range of attractive investment funds. This partnership will provide those MANTRA users that are institutional or accredited investors with investment opportunities across a number of notable onchain funds, including leading hedge funds, private credit funds and the BlackRock ICS Money Market fund.

By leveraging Libre’s capabilities and MANTRA’s robust ecosystem, the partnership will facilitate the issuance of a tokenized BlackRock ICS Money Market Fund, and expand investment horizons for institutional and accredited investors seeking to diversify their portfolios within the digital asset landscape. The initiative underscores MANTRA’s commitment to leading the development of a comprehensive and diverse digital asset infrastructure, and strengthens MANTRA’s position in the growing digital asset spectrum within the financial services industry.

Libre operates backbone infrastructure that allows investors to access tokenized versions of real world assets such as money market funds, private credit and hedge funds and other alternative asset products on public blockchains. Libre does this through the on-chain Libre Gateway DeFi dApps (decentralized applications) deployed on each public chain. This enables accredited, professional and institutional investors to directly access top-tier funds on MANTRA Chain in a fully compliant manner.

“We’re honored to be partnering with Libre to give users access to this caliber of funds,” said MANTRA Co-Founder and CEO John Patrick Mullin, “with the addition of protocols like the Libre Gateway, MANTRA can better equip users with a best-in-class collection of tools to continue to grow the real-world asset economy.”

“The launch of the Libre Gateway on MANTRA Chain is a huge step forward to enable access to wealth and treasury management tools for users on MANTRA, and for Libre to take advantage of MANTRA’s RWA-specific infrastructure,” said Dr. Avtar Sehra, CEO and founder of Libre.

This partnership comes after MANTRA recently announced the launch of its mainnet, simplifying the process of bringing RWAs onchain and marking a significant step in the integration of traditional finance with blockchain technology. For more information about MANTRA and access to the money market funds, visit mantrachain.io.

About MANTRA Chain:

MANTRA Chain is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real world regulatory requirements. As a permissionless chain, MANTRA Chain empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced technology modules, compliance mechanisms, and cross-chain interoperability.

Website | Twitter | LinkedIn | Discord

About Libre Capital:
Libre is building the investment infrastructure to enable asset managers to seamlessly connect with distributors and enable unparalleled access to global alternatives investment funds. In addition, Libre is working on enabling access to value-add services in the alternative assets ecosystem such as collateralized lending and automated rebalancing. Currently, Libre only makes its tokenized funds available to institutional and accredited investors. https://www.librecapital.com

Photo – https://mma.prnewswire.com/media/2545959/Libre_X_MANTRA_Image.jpg

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Fintech PR

Citrea Raises $14M to Expand Bitcoin Beyond Digital Gold

Published

9 hours ago

October 31, 2024

CISION (PR Newswire)

citrea-raises-$14m-to-expand-bitcoin-beyond-digital-gold

Citrea is the first to expand Bitcoin from a passive store of value to an active, programmable asset by introducing a secondary layer solution using zero-knowledge technology.

GEORGE TOWN, Cayman Islands, Oct. 31, 2024 /PRNewswire/ — Citrea , the first solution to make it possible to build anything on Bitcoin, today announced its $14M Series A funding round, led by Peter Thiel’s Founders Fund, with participation from Erik Voorhees, Balaji Srinivasan, Jameson Lopp, Maven11, and other prominent angel and venture investors. Citrea has also launched its exclusive developer program, ‘Citrea Origins ‘, bringing together a select group of developers to build applications on Citrea—the only platform for expanding Bitcoin’s utility.

Bitcoin’s global adoption has solidified its role as “digital gold”, but its broader financial potential has remained untapped due to the lack of a scalability solution that maintains its core principles. This gap has forced users to either keep Bitcoin as a passive store of value or rely on custodians for broader use. This adoption undermines Bitcoin’s role in decentralized finance. Without a proper scalability solution, Bitcoin risks losing its relevance in decentralized finance and becoming obsolete as a network.

Citrea is the first Bitcoin scalability solution to expand Bitcoin’s utility without compromising its decentralization or security. Citrea enhances the capabilities of Bitcoin blockspace with zero-knowledge technology and enables the Bitcoin network to support diverse on-chain applications and platforms. By eliminating the need for intermediaries, Citrea allows users to trustlessly buy, leverage, lend, borrow, and use BTC—transforming Bitcoin from a passive store of value into an active financial tool.

“Citrea is a major milestone in the timeline of Bitcoin’s evolution and the first investment we’ve made in the Bitcoin ecosystem,” said Joey Krug , Partner at Founders Fund. “With the strongest team and best technical design we’ve seen in the Bitcoin L2 space, Citrea’s 0→1 technology enables Ethereum-like rollups for smart contracts on Bitcoin in a trust-minimized way.”

“For the past 18 months, we’ve been building the infrastructure Bitcoin needs to move beyond just a store of value and step into a new era of Bitcoin-backed decentralized finance,” said Orkun Kilic , co-founder and CEO of Chainway Labs. “Citrea combines breakthroughs in cryptography with rigorous engineering to make this vision a reality. Bitcoin not only enables a borderless economy but also serves as the foundation for a censorship-resistant monetary layer. Our mission is to lay the foundation and ecosystem required to drive global hyperbitcoinization.”

About Citrea

Citrea is the first rollup that increases BTC’s utility and activates Bitcoin blockspace for a new decentralized financial ecosystem. Citrea’s vision is to build scalable infrastructure that advances Bitcoin into its next phase: the foundation for the world’s finance.

Apply for the developer program ‘Citrea Origins ‘.

For more information, please visit: Citrea website | Citrea X Account

About Chainway Labs

Chainway Labs, the company building Citrea, was co-founded by four young computer scientists and entrepreneurs with a focus on Bitcoin, Ethereum, and zero-knowledge technology.

Photo – https://mma.prnewswire.com/media/2541872/Citrea_Series_A.jpg

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