On August 7, BOB (Build on Bitcoin) announced that it has completed multiple rounds of strategic financing since December 2024, bringing its total funding to $21 million. The BOB team disclosed that these funds will be used to accelerate the development of the BOB hybrid public chain architecture and the BitVM protocol, placing the Bitcoin ecosystem at the core of the DeFi world, thereby developing more innovative applications within the Bitcoin ecosystem and unlocking trillions of dollars in Bitcoin liquidity.
BOB recently closed a $9.5 million strategic extension funding round, primarily from existing investors, including Castle Island Ventures, which led BOB's initial $10 million seed round, as well as Ledger Cathay Capital, RockawayX, Asymmetric, IOSG Ventures, UTXO Management, Daedalus, CMS, Bankless Ventures, Hypersphere, Alliance, and Sigil/Zeeprime. Additionally, BOB secured new strategic investments from Amber Group, Sats Ventures, and Anchorage Digital CEO Nathan McCauley, who also participated in BOB's previous $1.6 million angel round.
Investors' increased investment in BOB confirms users' confidence in BOB's ability to release trillions of dollars of Bitcoin liquidity and become the best portal for Bitcoin DeFi. BOB's hybrid public chain model has unique natural advantages that can combine Bitcoin's liquidity and security with Ethereum's scalability and innovation, making Bitcoin the core pillar of DeFi, aiming to release trillions of dollars of Bitcoin DeFi liquidity.
Alexei Zamyatin, co-founder of BOB and core contributor to BitVM, said: "We continue to attract new partners and many existing investors double down on their investment, which is a testament to our team's efforts to define Bitcoin's core role in the DeFi space. With a series of recent product developments and top partners choosing BOB to support its Bitcoin strategy, we are demonstrating the potential of BOB's unique hybrid public chain model, which combines the strengths of Bitcoin and Ethereum to redefine Bitcoin's role in the DeFi space."
As the gateway to Bitcoin DeFi, BOB is committed to becoming the most convenient and secure way to earn Bitcoin. Its hybrid public blockchain model combines the strengths of both the Bitcoin and Ethereum networks, meaning all applications, assets, and transactions are backed by billions of dollars in staked Bitcoin. Furthermore, BOB provides developers and users with BTC-backed bridges to Ethereum and other public blockchains, offering an optimal way to earn Bitcoin across multiple public blockchain systems.
Nic Carter, Founding Partner of Castle Island Ventures, said: "We believe in the huge potential of Bitcoin DeFi and see BitVM as the best way to achieve trustless deposits and access to BTC. BOB is the only BitVM on the market that enables trustless deposits and a Layer 2 that achieves Bitcoin finality through Bitcoin staking. We are pleased to make additional investments to support BOB's mission of building the Bitcoin DeFi gateway."
Recently, BOB launched native Bitcoin DeFi on its testnet, with support from leading institutions and DeFi protocols such as Lombard, Amber Digital, and RockawayX. This development, powered by BOB's BitVM bridge, will enable native BTC (rather than wrapped BTC) to serve its extensive Bitcoin DeFi ecosystem once it goes live on mainnet.
Additionally, BOB became the first hybrid zero-knowledge proof (ZK) Rollup project, significantly reducing the cost and improving the efficiency of Optimistic Rollup by leveraging zero-knowledge technology to resolve fraud disputes. Furthermore, BOB's integration with Fireblocks provides secure institutional access to Bitcoin DeFi by combining Fireblocks' secure wallet infrastructure with BOB's network.
About BOB (Build on Bitcoin)
BOB is the gateway to Bitcoin DeFi, allowing users to easily and securely earn returns with Bitcoin. BOB's unique hybrid public chain model combines the strengths of Bitcoin and Ethereum, using hybrid zero-knowledge proofs and billions of dollars in staked Bitcoin to secure all applications, assets, and transactions within BOB's primary DeFi ecosystem. Access native BTC on BOB without the need for any wrapped BTC or custodian, powered by the BitVM protocol. Additionally, with just one click, you can access multi-chain Bitcoin earnings and redeem them for BTC on any chain. To date, BOB has received support from leading investment institutions such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures, and IOSG.
