BOB, a Bitcoin DeFi challenge, has raised $21m via a number of funding rounds to advance its hybrid blockchain that mixes Bitcoin’s safety with Ethereum’s DeFi capabilities.
Abstract
- BOB has raised a complete of $21 million via a number of funding rounds since December 2024, incl. a current $9.5 million strategic spherical that attracted new buyers and elevated commitments from present backers.
- BOB’s hybrid chain mannequin permits native BTC DeFi with out wrapped tokens, secured by billions in staked Bitcoin.
- Venture’s key milestones embrace launching a local Bitcoin DeFi testnet, turning into the primary hybrid zk-rollup, and integrating with Fireblocks.
In a press launch shared with crypto.information, BOB, a self-proclaimed “Gateway to Bitcoin DeFi“, introduced that it has raised a complete of $21 million via a number of strategic funding rounds since December final 12 months, with the most recent $9.5 million spherical considerably growing help from present buyers and attracting new backers.
Main the unique $10 million seed spherical, Citadel Island Ventures doubled down on its funding alongside Ledger, RockawayX, Uneven, IOSG Ventures, UTXO Administration, Daedalus, CMS, Bankless Ventures, Hypersphere, Alliance, and Sigil/Zeeprime.
New strategic buyers becoming a member of on this current spherical embrace Anchorage, Amber Group, and Sats Ventures. Moreover, BOB raised $1.6 million earlier via an angel investor spherical.
“The truth that we proceed to draw new companions and so a lot of our authentic buyers have doubled down speaks volumes to the work our group has performed to outline Bitcoin’s central position in DeFi. With the string of current developments and tier 1 companions selecting BOB to help their Bitcoin methods, we’re demonstrating what’s potential with BOB’s distinctive Hybrid mannequin, bringing collectively the strengths of Bitcoin and Ethereum to redefine Bitcoin’s position in DeFi,” mentioned Alexei Zamyatin, BOB Co-Founder and BitVM Core Contributor.
The funds shall be used to speed up improvement of BOB’s hybrid blockchain, which goals to mix Bitcoin’s safety with Ethereum’s DeFi innovation. This effort seeks to unlock new use instances and faucet into what BOB sees as a $750 billion latent capital alternative in Bitcoin DeFi, doubtlessly driving 100x progress within the sector.
BOB’s hybrid chain mannequin leverages billions of {dollars} in staked Bitcoin to safe all functions, property, and transactions inside its ecosystem. The platform permits customers to work together with native BTC immediately, eliminating the necessity for wrapped tokens or custodians.
The challenge’s current milestones embrace launching a local Bitcoin DeFi testnet supported by main establishments like Lombard, Amber Digital, and RockawayX. When it launches on mainnet, this can make native BTC, not its wrapped representations, obtainable to their in depth Bitcoin DeFi ecosystem.
BOB additionally turned the primary hybrid zk-rollup, combining the safety and finality of optimistic rollups with the effectivity of zero-knowledge proofs to cut back prices and pace up transactions.
Lastly, BOB has lately built-in with Fireblocks to enhance institutional entry by leveraging Fireblocks’ safe pockets know-how alongside BOB’s community.
