BounceBit was founded by a team with significant experience in the blockchain industry and received substantial support from leading venture funds.
Team:
Jack Lu: Founder and CEO of BounceBit. He is also a co-founder of Bounce Finance (a platform for DeFi auctions) since 2020 and founded BounceBit in 2024. His experience in the crypto space, especially in DeFi, gives the project a deep understanding of the industry. Previously, Jack Lu was a partner at NGC Ventures, which also indicates his connections and experience in the investment side of the crypto industry.
Anonymous Development Team: While the founder is known, the core development team remains anonymous. This is not uncommon for crypto projects, but the experience and leadership of the founder, along with the attracted investments, instill confidence in the team. As of February 2024, the BounceBit team consisted of 15 people, and with new funding, an expansion was planned.
Funding:
BounceBit successfully raised significant funding from prominent investors, highlighting market confidence in its potential.
Seed Round:
Amount: BounceBit raised $6 million in the seed round.
Date: This round closed at the end of February 2024.
Leading Investors: The round was co-led by Blockchain Capital and Breyer Capital.
Other Participants: Numerous other well-known funds participated in the round, including:
CMS Holdings
Bankless Ventures
NGC Ventures
Matrixport Ventures
DeFiance Capital
OKX Ventures
HTX Ventures
Angel Investors: Several well-known angel investors also joined the round, including Nathan McCauley (co-founder and CEO of Anchorage Digital), Ashwin Ayyappan (portfolio manager at Brevan Howard), and Calvin Liu (Chief Strategy Officer at EigenLayer).
Funding Structure: The round was structured as a Simple Agreement for Future Equity (SAFE) with a token warrant, which is a common practice in the crypto industry.
Significant support from influential venture funds and key industry figures is a strong indicator of trust in BounceBit's vision and its ability to achieve its ambitious goals for expanding Bitcoin's utility.#BB #Binance $BB