Firefish, a rising player in Bitcoin-native finance, has raised $1.8 million in seed funding to scale its open marketplace for Bitcoin-backed loans. The round attracted notable backers, including Braiins—the world’s oldest Bitcoin mining pool and creator of Braiins OS—and Prague-based VC firm Miton, which supports cutting-edge startups across Europe.
Powering Global Growth for Bitcoin-Based Lending
Firefish CEO and Co-Founder Martin Matejka revealed that the fresh capital will be used to accelerate the company’s institutional lending program, aimed at reaching more high-net-worth individuals (HNWIs) and global investors. By adding support for stablecoins, the platform aims to make borrowing and investing more accessible worldwide.
“We’re building a gateway for traditional investors to participate in Bitcoin without having to sell or hold the asset themselves,” Matejka shared. “With stablecoins, we can now serve borrowers and lenders across multiple regions.”
Solving a Major Gap in Bitcoin’s Financial Infrastructure
Founded in 2022, Firefish is tackling a major limitation in the Bitcoin ecosystem—access to fiat liquidity without selling BTC or trusting centralised lenders. Built natively on Bitcoin’s infrastructure, the platform uses multi-signature escrows, price oracles, and pre-signed recovery transactions to create what the team calls “super collateral.”
The mission is clear: enable self-custodied, transparent Bitcoin-backed loans that preserve the principles of decentralisation and user control.
Meet the Founders Behind Firefish
The startup was launched in Prague by Martin Matejka and Igor Neumann, both veterans of finance and trading. Frustrated by legacy lending models and opaque custodial crypto lenders, they set out to build a platform that prioritises transparency and user autonomy.
Matejka previously led power trading at ČEZ, a major Central European energy firm, and also founded Stratosphere, a finance and trading startup. Neumann brings over 20 years of experience in global finance, having held senior roles at Thomson Reuters and Refinitiv, where he focused on customer success and market development across Europe, the Middle East, and Central Asia.
A New Model for Bitcoin-Backed Loans
What sets Firefish apart is its non-custodial structure. Unlike traditional platforms, Firefish never holds user funds. Instead, it facilitates trust-minimised Bitcoin lending through a 3-of-3 multisig escrow system, directly linking borrowers and lenders.
The platform supports features such as:
- Overcollateralisation safeguards
- Automated liquidation at 95% loan-to-value (LTV)
- Customisable loan terms
- Instant loan approvals and disbursements
- Last-resort recovery mechanisms
This setup gives lenders peace of mind, allowing them to earn yield without managing or understanding Bitcoin themselves. Institutions, in particular, can access larger volumes through Firefish Prime—a tailored service for bulk capital deployment.
Unlocking Global Liquidity with Stablecoins
Firefish has already made strides in supporting multiple fiat and crypto currencies. Initially focused on EUR, the platform has now introduced CHF and USDC loans, allowing users from Switzerland, the U.S., and other regions to access funds in under 15 minutes.
As stablecoins gain popularity for international settlements, Firefish is positioning itself as a bridge between Bitcoin holders and reliable, fiat-equivalent liquidity.
Surging Growth Amid Bitcoin Credit Boom
Firefish has already processed over $100 million in transaction volume, secured nearly 1,000 BTC in escrow, and served more than 10,000 users since launch. March 2025 alone saw triple-digit month-over-month growth, underscoring the rising demand for decentralised lending solutions.
This momentum aligns with wider trends in Bitcoin finance, where users want to keep their long-term BTC exposure while accessing capital. Lenders, meanwhile, are attracted by Firefish’s market-driven rates and low counterparty risk—something hard to find in today’s traditional investment vehicles.
Standing Out in a Crowded Lending Market
Unlike most competitors that act as centralised custodians with high operational risks, Firefish’s model is transparent and user-controlled. Matejka explained, “We’re not a black box. We’re a marketplace where borrowers and investors interact directly—without handing over control of their assets to a third party.”
This structure significantly reduces counterparty risk and lowers costs, making Firefish not just a safer alternative, but a smarter one for serious investors.
What’s Next for Firefish?
Looking ahead, Firefish plans to offer traditional fund structures to facilitate even more institutional participation. These vehicles will allow hedge funds, family offices, and other large players to easily allocate capital to Bitcoin-backed loans without friction.
“As Bitcoin continues to integrate into mainstream finance, we’re evolving our offering to meet the sophisticated needs of both borrowers and lenders,” Matejka noted.
