Firefish, the open marketplace for Bitcoin-collateralised loans, has closed a $1.8 million seed funding round. The seed round was backed by key players in Bitcoin and European venture capital, including Braiins, the world’s oldest Bitcoin mining pool and creator of Braiins OS, and Miton, a Prague-based VC firm with a focus on cutting-edge European startups.
Martin Matejka, CEO and Co-Founder, told TFN, “The funding will be used to further scale Firefish’s institutional lending program to reach even more investors and High Net Worth Individuals who seek traditional investments in the Bitcoin space. With the addition of stablecoins, we will also be able to reach investors and borrowers all over the world.”
Fills critical gap in Bitcoin’s financial infrastructure
Firefish was founded with the vision to create a trust-minimised and open lending marketplace that lets users borrow fiat against their Bitcoin without selling it or trusting centralised entities. Launched in 2022 and built natively on Bitcoin using multi-signature escrow contracts, price and payment oracles, and pre-signed recovery transactions, Firefish turns Bitcoin into “super collateral” for real-world needs. The team’s ultimate mission is to fill a critical gap in Bitcoin’s financial infrastructure while preserving its core values of self-custody, transparency, and trust minimisation.
The team behind Firefish
The company was founded in Prague by Martin Matejka and Igor Neumann. Their vision was born from frustration with legacy lending models and centralised crypto lenders that failed to meet the transparency, control, and risk standards expected in modern finance. Instead of placing user assets in the custody of opaque intermediaries, Firefish’s infrastructure is built on code-enforced transparency.
Matejka is a seasoned trader and energy markets expert who led power trading at ČEZ, one of Central Europe’s largest energy companies. Before co-founding Firefish, he also launched Stratosphere, a startup focused on innovative finance and trading strategies. His background spans FX, energy, and commodities, giving him a sharp edge in financial structuring and market dynamics.
Neumann, on the other hand, brings over two decades of experience in financial markets and customer strategy, having held senior roles at Thomson Reuters and Refinitiv across Europe, the Gulf, and CIS regions. His work focused on customer success, market development, and delivering high-impact financial solutions, making him well-versed in bridging traditional finance with the Bitcoin-native world.
Opens new frontiers in Bitcoin finance
Firefish enables users to take out loans by pledging their Bitcoin as collateral without selling it or transferring it to a centralised entity.
Matejka added: “Unlike the centralised solutions in the market, Firefish never holds user funds; instead, it uses a secure 3-of-3 multisig escrow and operates as an open marketplace, directly connecting borrowers and investors, with built-in safeguards like overcollateralisation, automated liquidation at 95% LTV, and a last-resort recovery mechanism in critical scenarios. Traditional investors can earn interest without having to handle Bitcoin or learn about crypto, and institutions can access large loans via Firefish Prime. With instant loans, customisable terms, flexible liquidation options, and full legal compliance, Firefish is changing the rules of the game when it comes to Bitcoin-backed lending.”
With Firefish, institutional investors and high-net-worth individuals can deploy capital in bulk using fiat or stablecoins and be matched with qualified borrowers. These investments will soon be able to take place through traditional fund structures, which could enable even broader participation.
Expanding stablecoin liquidity access
Already supporting loans in EUR, Firefish has recently introduced CHF and USDC-denominated loans, broadening the appeal of its platform across geographies. Users in the U.S., Switzerland, and beyond can now secure instant USDC loans in as little as 15 minutes, making stablecoin-based liquidity easily accessible to Bitcoin holders who prefer to retain their exposure to BTC while tapping into fiat-equivalent capital.
This is particularly significant at a time when stablecoins are becoming the preferred medium for cross-border settlements and lending due to their speed and reliability. By integrating these into the platform, Firefish ensures Bitcoiners can access liquidity without engaging with the volatility or limitations of traditional finance.
Accelerated growth and demand
Since its inception, Firefish has surpassed $100 million in transaction volume, served over 10,000 users, and secured nearly 1,000 BTC in escrowed collateral. In March 2025 alone, the platform experienced triple-digit month-over-month growth, driven by increased interest from both borrowers and lenders.
This growth is reflective of broader trends in the Bitcoin credit market, where users are increasingly turning to decentralised, collateral-backed solutions to preserve their long-term BTC exposure while gaining access to working capital. Lenders, meanwhile, are drawn to Firefish’s market-driven rates and compelling risk-reward mechanics, especially when compared to returns in traditional low-yield environments.
Competition: What makes Firefish unique?
Talking about competition, Matejka said: “Most of the companies out there are centralised platforms where very large pools of liquidity are managed by one company. This is clearly problematic because it creates significant counterparty risk and also drives operational costs higher. Instead of being a traditional lending platform, Firefish acts as an open marketplace to connect borrowers and lenders, which makes us quite unique.”
What’s next for Firefish?
Matejka said: “As Bitcoin becomes more integrated into the global financial system, we are very focused on meeting the growing demand for loans coming from Bitcoin holders. The other side of the market is also a key priority for us and we plan on further adapting our products and business strategy to meet the demand of institutional investors. For example, these investments will soon be able to take place through traditional fund structures.”
