Ledger Ventures and angel investors contribute $1.6 million to the hybrid Layer 2 project BOB

  • $1.6 million was raised by BOB (Build on Bitcoin) to advance the development of its hybrid Layer 2 technology.
  • Ledger Ventures led the round of strategic investing.

Ledger Ventures led a strategic investment round of $1.6 million for BOB (Build on Bitcoin), a hybrid Layer 2 project powered by both Bitcoin and Ethereum, with additional contributions from a number of angel investors.

According to a news statement released on Tuesday, notable investors in the angel round include people from BlackRock, Rarible, Ordinals, Aave, Curve, Threshold, Magic Eden, Mechanism, Injective, Vessel Capital, Babylon, and Centrifuge.

$1 million of the money raised will go toward supporting new businesses that are centered on BOB dapps and Bitcoin infrastructure through a BOB incubator.

Marguerite de Tavernost of Ledger Cathay Fund stated in the release that BOB unlocks previously unheard-of Bitcoin scalability by fusing the best aspects of Bitcoin with Ethereum’s innovative features. Through early success in securing very large TVL volumes and a number of integrations to support DeFi applications for Bitcoin, they have proven their excellent execution skills.

Through a rollup solution that uses Bitcoin for security and makes it possible for users to access dapps, DeFi, and stablecoins, BOB seeks to bridge the gap between the potential for widespread adoption of Bitcoin and the capabilities of Ethereum Virtual Machine (EVM) and its ecosystem. By filling this gap, BOB intends to empower developers to create dapps on the biggest blockchain network in the world and provide network users more access to cutting-edge Ethereum applications without requiring them to leave the Bitcoin blockchain.

Castle Island Ventures led a $10 million seed investment round for BOB in March. VC capital’s interest in the Bitcoin ecosystem has increased. This led to the announcement of the most recent fundraising round. With the release of the Ordinals protocol and the Taproot update for Bitcoin, Multicoin Capital managing partner Kyle Samani said that there is a coming renaissance of developers in the Bitcoin ecosystem.

Dominik Harz and Alexei Zamyatin cofounded BOB in 2023. The company that created it, Distributed Crafts, was established in 2019.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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