July 09, 2024
BOB (Build on Bitcoin), a project that combines the power of Bitcoin and Ethereum in a hybrid Layer 2 solution, has successfully garnered $1.6 million in a strategic funding round. The round was spearheaded by Ledger Ventures and saw participation from a host of angel investors.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
BOB (Build on Bitcoin) | $1.6M | July 09, 2024 | Strategic Funding | $11.6M | Ledger Ventures | Bitcoin |
The investors in the angel round are distinguished individuals from organizations such as BlackRock, Rarible, Ordinals, Aave, Curve, Threshold, Magic Eden, Mechanism, Injective, Vessel Capital, Babylon, and Centrifuge.
From the total funds raised, $1 million is earmarked for a BOB incubator. This incubator is intended to nurture new startups that are concentrating on Bitcoin infrastructure and BOB decentralized applications (dapps).
Marguerite de Tavernost from Ledger Cathay Fund shared her thoughts in the press release. She praised BOB for its unique blend of Bitcoin's strengths and Ethereum's innovative capabilities. She highlighted that Layer 2 solutions like BOB pave the way for unparalleled scalability of Bitcoin. She also commended BOB for their remarkable execution skills, as evidenced by their early success in securing substantial Total Value Locked (TVL) volumes and their various integrations that enable DeFi applications for Bitcoin.
About BOB (Build on Bitcoin)
BOB, also known as Build on Bitcoin, is a unique hybrid Layer 2 solution powered by both Bitcoin and Ethereum. It combines the security of Bitcoin with the versatility of Ethereum, providing a platform for developers familiar with Ethereum Virtual Machine (EVM) to build on Bitcoin.
The platform is designed to scale Bitcoin in a secure way, contributing to Bitcoin’s economy and providing usable decentralization for builders today. It allows developers to go from ideas to mainnet faster than ever, powered by BOB’s SDK. This makes it a valuable tool for all things Bitcoin and EVM smart contracts.
Website: https://www.gobob.xyz/
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About Investor
Investor: Ledger Ventures
Ledger Cathay Capital is a €100 million investment fund dedicated to supporting Web3 entrepreneurs at the Seed & Series A stage. The fund is a joint venture led by Cathay Innovation’s Denis Barrier and Ledger’s Pascal Gauthier and Michael Louzado, and is backed by Bpifrance. It invests globally in Seed to Series A companies that are focused on emerging DeFi, security, infrastructure, digital ownership technologies, protocols, and more.
The fund offers entrepreneurs the value of a leading global investment platform combined with the support of a world-leading Web3 security platform. It unlocks global resources and networks, providing creators and founders with the capital, tools, and unmatched industry access to innovate at scale from the very start. The fund believes in a future where people truly own their digital assets and interact with Web3 and the Metaverse with full control and security
Location: Paris, Ile-de-France, France
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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