Build on Bitcoin Secures $21 Million in Funding
In an impressive demonstration of investor trust, Build on Bitcoin (BOB), an innovative hybrid Layer 2 (L2) blockchain, has successfully secured $21 million through multiple funding initiatives beginning in December 2024. The most recent funding phase alone yielded $9.5 million, thanks to renewed backing from notable investors including Castle Island Ventures, Ledger Cathay Capital, Rockawayx, and Sats Ventures, many of whom opted to bolster their previous investments.
Mission and Innovations
The mission of BOB is to enhance the capabilities of its hybrid blockchain, which ingeniously merges the robust security of Bitcoin with the dynamic innovations of Ethereum’s decentralized finance (DeFi). This strategic fusion is poised to unveil novel use cases and significantly increase liquidity options in the market.
Investor Insights
Co-Founder Alexei Zamyatin pointed out the pivotal role these funding rounds play in shaping Bitcoin’s presence within the DeFi sector. Meanwhile, Nic Carter of Castle Island Ventures commended BOB’s distinctive method, predicting a bright future for Bitcoin-focused DeFi initiatives.
Recent Developments
Moreover, BOB has recently made strides by introducing native Bitcoin DeFi functionalities on its testnet with the backing of prominent institutions. It also claims the distinction of being the first hybrid zero-knowledge (ZK) rollup, a significant advance that aims to improve transaction efficiency and decrease costs for users.
