March 27, 2024
Build on Bitcoin (BOB), a hybrid Layer-2 network powered by Bitcoin and Ethereum, has raised $10 million in a seed funding round led by Castle Island Ventures. The round also saw participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, Asymmetric, Antalpha, Web3.com Ventures, BTC Frontier Fund, Zeeprime, and notable angels including Dan Held and Domo.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Category |
|---|---|---|---|---|---|
Build on Bitcoin | Mar 27 2024 | $10M | Seed | $10M | Layer 2 |
The funds will be used to support the launch of BOB's hybrid Layer-2 platform, which combines the security and liquidity of Bitcoin with Ethereum's capabilities. This platform aims to foster innovation and create a vibrant ecosystem for Bitcoin decentralized applications (dApps). BOB's goal is to provide an easy-to-use infrastructure for developers, eliminating the need for new wallet creation or setup.
BOB's hybrid Layer-2 technology integrates Bitcoin's security and liquidity with Ethereum's smart contract capabilities. The platform is designed to be user-friendly for developers, ensuring that they do not need to create new wallets or perform complex setups to deploy their applications.
A strategic partnership with Anduro, a project by Marathon Digital, aims to further enhance BOB's capabilities. This partnership will help in developing and deploying advanced blockchain solutions. Additionally, developers such as Layer Bank, IceCream, bit_Smiley, and iZUMi plan to deploy their applications on BOB, showcasing the platform's potential to attract significant developer interest.
BOB is also launching the Fusion program, which offers early access to the platform. Participants can earn points, known as Spice, by locking various tokens. These points represent a user's active involvement and contribution to the BOB ecosystem. The Fusion program aims to incentivize early adopters and foster community engagement.
About Build on Bitcoin (BOB):
Build on Bitcoin (BOB) is a hybrid Layer-2 network that integrates the security and liquidity of Bitcoin with the Ethereum ecosystem. BOB aims to pave the way for next-generation Bitcoin innovation by providing developers and users with a high-security, high-liquidity platform. The platform seeks to create a seamless experience for building on Bitcoin, promoting the growth of a robust dApp ecosystem.
Website: https://www.gobob.xyz/
X Account: https://x.com/build_on_bob?lang=en
X Followers today: 16,709
X Followers 30 days ago: 14,961
X Follower change: 1,748 (+11.68%)
About Investor
Investor: Castle Island Ventures
Castle Island Ventures is a venture capital firm that invests in blockchain and cryptocurrency projects. The firm supports the development of technologies that will enhance the financial system's efficiency and security.
Location: United States
Website: https://castleisland.vc/
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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