BOB, the DeFi platform that combines Bitcoin’s security with Ethereum’s DeFi innovation, has announced the completion of a series of strategic funding rounds since December 2024, bringing its total raised to $21 million.
These funding rounds will accelerate BOB’s development of its hybrid chain, placing Bitcoin at the heart of DeFi to unlock new use cases and trillions in liquidity.
Bitcoin DeFi has a 100x Growth Opportunity
According to a press release shared with BeInCrypto, many of BOB’s existing investors have ramped up their commitment in the recent $9.5M strategic round. These multi-round investors include Castle Island Ventures, which led the original $10M seed round, as well as Ledger, RockawayX, Asymmetric, IOSG Ventures, UTXO Management, Daedalus, CMS, Bankless Ventures, Hypersphere, Alliance, and Sigil/Zeeprime.
BOB has also welcomed new strategic investments from Anchorage, Amber Group, and Sats Ventures, joining the broader group of backers in this latest strategic round – bolstered by an earlier $1.6M angel investor round.
The company claims that Bitcoin’s full potential represents a $750 billion latent capital opportunity and a 100x growth opportunity for Bitcoin DeFi.
Alexei Zamyatin, BOB Co-Founder, said in a press release shared with BeInCrypto:
“As the Gateway to Bitcoin DeFi, BOB intends to be the easiest and safest place to earn with your Bitcoin. Its Hybrid Chain model combines the strengths of the Bitcoin and Ethereum networks, which means all apps, assets, and transactions are secured by billions of dollars of staked BTC. Additionally, BOB will operate BTC-secured bridges to Ethereum and other chains, providing a gateway to earn yield on Bitcoin across multiple chains.”
Nic Carter, Founding Partner at Castle Island Ventures, said:
“We believe in the enormous potential of Bitcoin DeFi and see BitVM as the best path forward for trustless BTC deposits and withdrawals. BOB is the only Layer 2 implementing both BitVM for trustless deposits and Bitcoin finality via staked Bitcoin for Bitcoin-secured DeFi transactions.“
Recently, BOB launched native Bitcoin DeFi on its testnet with the support of leading institutions and DeFi protocols including Lombard, Amber Digital and RockawayX. This development, powered by BOB’s BitVM bridge, will make native BTC, not wrapped representations, available to their extensive Bitcoin DeFi ecosystem once it goes live on mainnet.
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