Quick take:
- The strategic funding brings the total raised to $21.1 million, following a $10 million seed round and $1.6 million raised from angel investors.
- The company plans to use the fresh capital to accelerate the development of its new hybrid chain for Bitcoin use cases and liquidity.
- BOB has already launched a native BTC support on testnet, backed by partners including Lombard, Amber Digital, and RockawayX.
BOB (Build on Bitcoin), a decentralised finance project building a hybrid chain focused on Bitcoin use cases and liquidity, has raised $9.5 million in a multi-stage strategic funding round backed by Castle Island Ventures, Ledger Cathay Fund, RockawayX, Asymmetric, IOSG Ventures, UTXO Management, Daedalus, CMS, Bankless Ventures, and Hypersphere, among others.
The fundraising brings the total raised to $21.1 million following a $10 million seed round led by Castle Island Ventures and $1.6 million raised from angel investors.
The company plans to use the fresh capital to accelerate the development of its hybrid chain, according to the announcement on Thursday.
BOB has already launched a native BTC support on testnet, backed by partners including Lombard, Amber Digital, and RockawayX. It is using its BitVM bridge to bring real bitcoin, not wrapped representations, to its ecosystem once live on the mainnet.
Commenting on the announcement, Castle Island Ventures Founding Partner Nic Carter said in a statement: “BOB is the only Layer 2 implementing both BitVM for trustless deposits and Bitcoin finality via staked Bitcoin for Bitcoin-secured DeFi transactions. We’re excited to increase our investment and support BOB’s mission to build the gateway to Bitcoin DeFi.”
BOB Co-Founder and BitVM Core Contributor Alexei Zamyatin commented: “The fact that we continue to attract new partners and so many of our original investors have doubled down speaks volumes to the work our team has done to define Bitcoin’s central role in DeFi. With the string of recent developments and tier 1 partners choosing BOB to support their Bitcoin strategies, we’re demonstrating what’s possible with BOB’s unique Hybrid model, bringing together the strengths of Bitcoin and Ethereum to redefine Bitcoin’s role in DeFi.”
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