BOB Raises $9.5 Million for Bitcoin DeFi Expansion
BOB (Build on Bitcoin), a company developing decentralized finance (DeFi) solutions based on Bitcoin, announced that it has raised $9.5 million in its latest strategic investment round. This investment brings the project’s total funding to $21.1 million.
Investors who previously participated in the round included Castle Island Ventures (which led the initial $10 million seed round), Ledger Cathay Fund, RockawayX, Asymmetric, IOSG Ventures, UTXO Management, Daedalus, CMS, Bankless Ventures, Hypersphere, Alliance, and Sigil/Zeeprime.
Additionally, Anchorage, Amber Group, and Sats Ventures supported BOB as new strategic investors in this round. BOB had previously completed a $1.6 million angel investment round. The company’s valuation was not disclosed.
Nic Carter, co-founder of Castle Island Ventures, explained their investment decision:
“We believe Bitcoin DeFi has great potential and believe BitVM is the best way to facilitate trustless BTC deposits and withdrawals. BOB is the only Layer 2 project to implement both BitVM and Bitcoin finality via staked Bitcoin. We are excited to increase our investment and support BOB’s vision of becoming the Bitcoin DeFi gateway.”
With this new funding, BOB aims to further develop its hybrid model, create new use cases, and add liquidity to Bitcoin.
BOB aims to develop a hybrid chain that combines the advantages of the Bitcoin and Ethereum networks. In this model, applications, assets, and transactions are secured with staked BTC. BTC-collateralized bridges are also planned, allowing Bitcoin to generate returns across different networks.
Still in early development, BOB doesn’t have a completely trustless Layer 2 structure like classic Ethereum rollups. However, it’s among the next-generation Bitcoin Layer 2 projects and operates as a hybrid EVM chain connected to Bitcoin via multi-signature bridges.
*This is not investment advice.