Cardano Founder Reveals Past Bitcoin Holdings Amid DeFi Expansion Plans
Charles Hoskinson, founder of Cardano, recently revealed that he was once among the largest holders of Bitcoin. According to him, Cardano's early crowdsale controlled a massive 108,000 BTC, which would have been worth about $27 million at Bitcoin's price of roughly $250 at the time.
Hoskinson recalled discussing this holding with BitGo CEO Mike Belshe during what he described as a 'wild time.' He noted that his longstanding relationships within the Bitcoin community could give Cardano an advantage in building Bitcoin DeFi solutions.
Cardano is targeting Bitcoin's idle liquidity by delivering products that offer compelling, reliable yield opportunities. Hoskinson stressed that Bitcoin holders want DeFi solutions that respect Bitcoin's core principles, including self-custody and control over assets.
Pogun, an initiative by Input Output Group, aims to connect Bitcoin's idle liquidity to Cardano's DeFi ecosystem while allowing users to retain custody of their private keys. The project has made significant technological improvements, reducing the size of a Bitcoin DeFi proof from 40 GB to 28.1 MB and validation time from roughly 354 seconds to 0.149 seconds.