On August 7, BOB (Build on Bitcoin) announced that it has completed multiple rounds of strategic financing since December 2024, with a total financing amount of $21 million to date. The BOB team disclosed that this funding will be used to accelerate the development of the BOB hybrid public chain architecture and BitVM protocol, placing the Bitcoin ecosystem at the core of the DeFi world, thereby developing more innovative applications for the Bitcoin ecosystem and unleashing trillions of dollars of liquidity from Bitcoin.
Recently, BOB completed a strategic round of expansion financing amounting to $9.5 million, with most of the investors coming from BOB's existing investors, including Castle Island Ventures, which led BOB's initial $10 million seed round, as well as Ledger Cathay Capital, RockawayX, Asymmetric, IOSG Ventures, UTXO Management, Daedalus, CMS, Bankless Ventures, Hypersphere, Alliance, and Sigil/Zeeprime. Additionally, BOB also received new strategic investments from Amber Group, Sats Ventures, and Anchorage Digital CEO Nathan McCauley, who also participated in BOB's previous $1.6 million angel round financing.
Investors' additional investments in BOB confirm user confidence in BOB's ability to unleash trillions of dollars of liquidity from Bitcoin and become the best portal for Bitcoin DeFi. BOB's hybrid public chain model has a unique inherent advantage, combining the liquidity and security of Bitcoin with the scalability and innovation of Ethereum, making Bitcoin the core pillar of DeFi, aimed at unleashing trillions of dollars of liquidity in Bitcoin DeFi.
Alexei Zamyatin, co-founder of BOB and core contributor to BitVM, stated: 'We are constantly attracting new partners and many of our existing investors to double down on their investments, which fully demonstrates our team's efforts to define Bitcoin's core position in the DeFi space. With a recent series of product advancements and top partners choosing BOB and supporting its Bitcoin strategy, we are showcasing the potential of BOB's unique hybrid public chain model, which combines the strengths of Bitcoin and Ethereum, redefining Bitcoin's position in the DeFi space.'
As a portal for Bitcoin DeFi, BOB is committed to being the most convenient and secure entry point for earning yield using Bitcoin. Its hybrid public chain model integrates the advantages of both the Bitcoin and Ethereum networks, meaning that all applications, assets, and transactions are backed by billions of dollars in staked Bitcoin. Additionally, BOB creates a bridge for developers and users, backed by BTC, to access Ethereum and other public chains, providing the best entry for earning Bitcoin yield across multiple public chain systems.
Nic Carter, founding partner of Castle Island Ventures, stated: 'We believe in the tremendous potential of Bitcoin DeFi and view BitVM as the best way to achieve trustless access to BTC. BOB is currently the only BitVM that enables trustless deposits and achieves Bitcoin finality through staking Bitcoin as a Layer 2. We are excited to make additional investments to support BOB's mission of building a Bitcoin DeFi portal.'
Recently, with the support of leading institutions such as Lombard, Amber Digital, and RockawayX, BOB launched native Bitcoin DeFi on its testnet. This development, supported by BOB's BitVM bridge, will enable native BTC (rather than wrapped BTC) to serve its extensive Bitcoin DeFi ecosystem once it goes live on the mainnet.
Furthermore, BOB has become the first hybrid zero-knowledge proof (ZK) Rollup project, significantly reducing the costs of Optimistic Rollups and improving efficiency by utilizing zero-knowledge technology to resolve fraud disputes. In addition, BOB's integration with Fireblocks provides security guarantees for institutional access to Bitcoin DeFi by combining Fireblocks’ secure wallet infrastructure with BOB’s network.
About BOB (Build on Bitcoin)
BOB is the portal to Bitcoin DeFi, allowing users to easily and securely earn yield with Bitcoin. BOB's unique hybrid public chain model integrates the advantages of Bitcoin and Ethereum, utilizing hybrid zero-knowledge proofs and billions of dollars in staked Bitcoin to ensure the security of all applications, assets, and transactions within BOB's primary DeFi ecosystem. Accessing native BTC on BOB does not require any wrapped BTC or custodial organizations, supported by the BitVM protocol. Additionally, users can access multi-chain Bitcoin yield with just one click and exchange BTC on any chain. To date, BOB has received support from top investment institutions such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures, and IOSG.
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