Introducing Mezo Prime
Mezo Prime enables institutions to earn on Bitcoin through qualified custody, segregated vaults, onchain yield, and fixed-rate BTC-backed lending. Built in collaboration with Anchorage Digital.
Institutional Bitcoin has been patient capital by necessity.
For a corporation, fund, or treasury, holding BTC is not the same as owning it. Bitcoin has to sit where boards and auditors can see it, approve its movement, and account for it. Qualified custody made that possible, with segregated accounts, documented workflows, and clear asset control.
However, once BTC enters that structure, most of the market for using BTC falls away. A company may want to borrow dollars against BTC. A fund may want to earn from Bitcoin activity. Both have usually required moving the asset outside the custody setup that made the position possible.
Risk mitigation made institutional Bitcoin patient by necessity. The products around bitcoin have not met the standard.
Mezo Prime is built for Institutional Bitcoin.
What Is Mezo Prime
Mezo Prime is Mezo’s institutional product line for firms that hold Bitcoin and want to earn on it or borrow dollars against it.
Mezo Prime launches with Enclave, a segregated Bitcoin vault built on Safe smart account infrastructure. Each depositor has an isolated vault with no commingling of assets across accounts. Custody is provided by Anchorage Digital Bank, the first federally chartered digital asset bank in the United States.
BTC held in an Enclave can be:
- Locked as veBTC to earn yield from protocol activity, such as borrower interest on MUSD loans, chain fees, and DEX swap fees.
- Used as collateral to borrow MUSD, Mezo's Bitcoin-backed stablecoin, at fixed interest rates (currently at 1%).
Deposited BTC remains in segregated custody at all times. There is no rehypothecation. There is no commingling. Depositors can withdraw to Bitcoin L1 at any time.
Built With Anchorage Digital
Mezo Prime is available directly through Anchorage Digital Bank to Anchorage’s existing institutional client base.
The integration provides segregated, bankruptcy-remote custody. Assets are held in the depositor’s account, separate from Anchorage’s own assets and separate from other client assets.
Each Enclave gives institutions control over how their BTC moves. Enclave vaults feature multi-signature approvals, configurable waiting periods before a transaction executes, and give designated parties time to stop a transaction before it settles.
"Institutions want to do more with their Bitcoin, but not at the expense of security and control. Mezo Prime delivers both segregated custody and direct access to onchain yield in one platform." — Nathan McCauley, Co-Founder and CEO, Anchorage Digital
These controls fit the way institutions already manage Bitcoin. Compliance, operations, and investment teams can review positions, approve movement, and monitor activity without replacing their custody process.
Choose Your Risk Curve
Mezo Prime debuts with three positions on the risk curve.
Stake
Deposit BTC into an Enclave and lock it as veBTC. Yield accrues from protocol revenue.
Stake + LP
Institutions can provide liquidity to BTC trading pairs and earn trading fees on top of staking yield.
Stake + LP + Boost
Institutions can lock MEZO alongside BTC to access boosted yield and vote on gauges. The boost can scale veBTC yield up to 5x. This is the most active form of participation.
Each tier earns from the one beneath it. Institutions can choose a tier that fits their risk profile.
Your Bitcoin. Your Credit Line.
Mezo Prime also gives institutions Bitcoin-backed lending at scale.
Deposit BTC into a segregated Enclave and borrow stablecoins at fixed rates. MUSD borrowing is currently fixed at 1% APR. USDC and USDT borrowing starts at 4%+ APR. Rates are locked for the life of the loan.
Bullish Deploys 250 BTC
Bullish (NYSE: BLSH), a publicly listed institutional digital asset platform, is the first institution to participate in Mezo Prime through Anchorage Digital.
A portion of Bullish's corporate Bitcoin treasury is deployed through the product, while remaining within the custody and compliance infrastructure the firm already uses. Coinciding with the launch, Bullish has invested 250 BTC into Mezo.
"Bullish was built on the belief that institutional standards and digital asset participation aren't in conflict, and we're delighted to work with Mezo as a launch customer. Their veBTC design is a great example of that philosophy in practice — mitigating smart contract risk and keeping the underlying BTC secure." — Tarun Kapoor, Vice President, Bullish
Mezo Prime is available now to Anchorage Digital Bank clients. For more information, visit mezo.org/institutional.
🏦 Get started: mezo.org/institutional
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