Bitcoin staking protocol Solv, which has over $2 billion worth of BTC locked on its platform, announced Tuesday the launch of a Shariah-compliant yield product called SolvBTC.core. The new offering, a liquid staking token for BTC, has been developed in collaboration with the Core ecosystem, which offers a range of DeFi applications, including lending, restaking, liquid staking, and decentralized exchanges.
Created with guidance from Nawa Finance and accredited by Amanie Advisors for Shariah compliance, SolvBTC.CORE generates yield by securing the Core blockchain network and engaging in on-chain DeFi activities while adhering to Islamic finance principles. The product allows BTC holders to earn yields while adhering to Islamic finance principles, expanding opportunities for investors in the Middle East.
Solv Protocol enables BTC holders to lend, stake, earn yields, and invest, unlocking the full potential of their coin stash. The launch of the Shariah-compliant SolvBTC.CORE means BTC holders from the Middle East can now directly participate in the Core blockchain’s expanding ecosystem to generate additional yield on top of their spot holdings.
Ryan Chow, founder of Solv Protocol, said the Shariah-compliant product could open up new avenues for institutional investors in the Middle East. “By aligning with both regional regulations and global financial standards, SolvBTC.CORE paves the way for sovereign wealth funds and traditional financial institutions to securely and confidently stake Bitcoin and earn real, on-chain yields. This is a significant step in accelerating the institutional adoption of digital assets in the region,” Chow said in a press release shared with CoinDesk.
Shaqir Hashim, core contributor at Nawa Finance, said that BTC is the most widely held asset in markets like Saudi Arabia, the UAE, Pakistan, Nigeria, Indonesia, and Malaysia, and the next thing holders are looking out for is generating an additional yield. “The next chapter is yield. At Nawa Finance, we’re helping power that evolution by enabling ethical, values-aligned Bitcoin yield strategies that meet the compliance expectations of both institutions and communities across these regions,” Hashim said.
The product, SolvBTC.CORE, has been in the works for quite some time now. Not really sure why this matters, but it’s interesting to see how it all came together. With the collaboration between Solv, the Core ecosystem, Nawa Finance, and Amanie Advisors, the product has been carefully crafted to meet the needs of BTC holders in the Middle East who are looking to maximize their yields while staying true to Islamic finance principles.
Omkar Godbole, a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, also weighed in on the launch of SolvBTC.CORE. Omkar, who holds a masters degree in Finance and is a Chartered Market Technician (CMT) member, mentioned that this product could be a game-changer for the region. “With the increasing interest in digital assets in the Middle East, a Shariah-compliant yield product like SolvBTC.CORE could attract a whole new segment of investors who have been waiting for an opportunity like this,” Godbole said.
Overall, the launch of SolvBTC.CORE is a significant development in the world of digital assets and Islamic finance. Maybe it’s just me, but I feel like this product has the potential to revolutionize the way BTC holders in the Middle East engage with DeFi platforms and generate yields in a compliant manner. It will be interesting to see how this product performs in the market and what kind of impact it will have on the broader ecosystem.
