Fulgur Ventures is investing in Lendasat, a peer-to-peer Bitcoin lending platform that finally puts the trust assumptions where they belong: in code rather than in counterparties. Founded in 2024 by Philipp Hoenisch and Lucas Soriano del Pino, Lendasat enables non-custodial, Bitcoin-collateralised loans denominated in stablecoins or fiat. Loans are structured using Discreet Log Contracts, with no rehypothecation, no KYC and no credit checks.

The last cycle taught the market a brutal lesson: every centralised Bitcoin lender that rehypothecated user collateral eventually blew up, taking client funds with it. Lendasat's architecture removes that failure mode by design. Borrowers retain custody of their Bitcoin inside a DLC, lenders see verifiable on-chain collateral, and liquidations or repayments execute against oracle-signed outcomes rather than a balance sheet. The product re-introduces the original promise of Bitcoin credit markets without the original sin.

This is core thesis territory for Fulgur. We believe the next trillion dollars of Bitcoin credit will not flow through opaque custodians, it will flow through scripts. Lendasat's use of DLCs is one of the most concrete demonstrations of how advanced Bitcoin contracting primitives translate into a real consumer product, with clear regulatory advantages because the platform never takes custody.

Beyond product, Philipp and Lucas bring a rare combination: deep expertise in Bitcoin scripting and DLC research alongside the discipline to ship a usable lending app. As Bitcoin continues to mature into pristine collateral, the world needs a non-custodial, peer-to-peer way to borrow against it without trusting a black-box intermediary. Lendasat is building exactly that, and we are proud to back the team as they grow.