- BOB, a project linking Bitcoin with decentralized finance (DeFi), has raised $9.5 million in a new funding round.
- The project’s total funding now stands at $21 million after multiple rounds in 2024.
- Funds will support a mainnet BitVM bridge launch and enable users to move BTC into DeFi protocols.
- Investment came from firms such as Castle Island Ventures, Ledger, RockawayX, IOSG Ventures, Bankless Ventures, and new investors Anchorage, Amber Group, and Sats Ventures.
- The mainnet launch is expected by the end of the year, according to co-founder Alexei Zamyatin.
BOB, a decentralized finance protocol that connects Bitcoin with Ethereum-based DeFi capabilities, has secured $9.5 million in a strategic funding round. The raise brings BOB’s total funding to $21 million in 2024. The new funds will go toward developing BOB’s planned mainnet BitVM bridge and enabling Bitcoin finality through BTC staking later this year.
The latest round included investment from Castle Island Ventures, which also led BOB’s prior $10 million seed round. Other contributors include Ledger, RockawayX, IOSG Ventures, and Bankless Ventures. New backers Anchorage, Amber Group, and Sats Ventures also joined this round, according to BOB’s announcement.
The mainnet BitVM bridge, set to launch by the end of 2024, is designed to allow users to move Bitcoin from its network and use it in blockchain-based financial applications on BOB. BitVM is a technology that makes it possible to run programmable logic, such as smart contracts, on Bitcoin through off-chain calculations and proofs. The protocol will also feature Bitcoin staking, a system where users can lock BTC to help secure the network and access DeFi features.
Co-founder Alexei Zamyatin said, “By combining BitVM and BTC staking, we’re proving how Bitcoin can secure an entire DeFi ecosystem. A bet on BOB is a bet on Bitcoin DeFi itself.”
Earlier this year, BOB received a $10 million seed round led by Castle Island Ventures. The current $9.5 million investment follows continued interest in protocols aimed at expanding Bitcoin’s role in decentralized finance.
The project’s next milestone is its mainnet launch, which is scheduled for later in 2024.
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