Bitcoin holders looking to unlock value without selling their assets now have a growing option in Firefish, a Bitcoin-native lending marketplace that just raised $1.8 million in seed funding. The round drew support from top players in the Bitcoin ecosystem and European venture capital, including Braiins, the world’s oldest Bitcoin mining pool, and Miton, a VC firm based in Prague focused on next-generation financial innovation.
With this fresh injection of capital, Firefish plans to expand its institutional lending program, targeting high-net-worth individuals and professional investors who want exposure to Bitcoin-backed products without needing to manage crypto directly. The company also plans to scale global access by incorporating stablecoins into its offering, making the platform more accessible to borrowers and lenders around the world.
Firefish operates with a bold vision: to create an open, trust-minimized lending environment where Bitcoin becomes powerful collateral for real-world needs. Launched in 2022 and built directly on the Bitcoin blockchain, Firefish uses multisignature escrow contracts, pricing oracles, and pre-signed recovery tools to keep the lending process transparent and secure. Unlike centralized crypto lenders, it never takes custody of user funds.
The startup was founded in Prague by Martin Matejka and Igor Neumann, who were both motivated by the shortcomings of legacy lenders and centralised crypto platforms. They envisioned a system where loans could be issued without the risks of middlemen. Matejka previously led power trading at ČEZ, one of Central Europe’s largest utilities, and later co-founded a fintech startup. Neumann brings more than 20 years of financial market experience, including senior roles at Thomson Reuters and Refinitiv across Europe and the Gulf region.
Firefish allows users to borrow against their Bitcoin without selling it. All loans are overcollateralised and secured through a 3-of-3 multisig escrow system, where lenders, borrowers, and Firefish each hold one key. Should the loan’s value rise above a 95% loan-to-value threshold, an automated liquidation process kicks in. A built-in recovery system ensures that even in critical failure scenarios, borrower funds remain accessible.
For investors, Firefish offers the ability to earn interest on deployed capital—without needing to handle Bitcoin themselves. Through Firefish Prime, institutions can commit capital in fiat or stablecoins and match with qualified borrowers at attractive rates, using familiar structures and full legal compliance. These offerings are now expanding to include traditional fund vehicles, opening the door for broader institutional participation.
Recently, Firefish added support for USDC and CHF-denominated loans alongside its existing EUR offering. Users can now access instant USDC loans in under 15 minutes, allowing for quick liquidity without giving up their Bitcoin exposure. As stablecoins gain traction as a reliable medium for global settlements, this move positions Firefish to capture a rising share of cross-border crypto-backed lending.
Since launch, Firefish has processed over $100 million in loan volume, attracted more than 10,000 users, and escrowed close to 1,000 BTC. In March 2025 alone, the platform recorded triple-digit month-over-month growth as borrower demand and investor interest surged. This reflects a wider shift in the Bitcoin lending space, where users are moving away from custodial lenders toward decentralised, transparent options.
Matejka believes Firefish’s open marketplace approach is what sets it apart from competitors. While many platforms pool and manage liquidity themselves, Firefish connects lenders and borrowers directly, reducing counterparty risk and overhead costs. With full transparency and automation built into the lending process, users retain control of their assets while participating in a global, decentralised credit market.
Looking ahead, Firefish is gearing up for broader adoption. The team is focused on refining products for both sides of the marketplace—serving long-term Bitcoin holders who want access to capital, and enabling traditional investors to participate in the crypto economy without the need for technical knowledge. By integrating with regulated fund structures, Firefish expects to expand even further into institutional channels.
As Bitcoin continues to embed itself into global finance, Firefish is building the infrastructure that allows users to unlock value without compromise. By blending secure lending mechanics with a marketplace-first model, it’s proving that the future of crypto-backed finance doesn’t need to rely on custodians—or trust.
