Build on Bitcoin (BOB) Announces its $10M Seed Round Led by Castle Island Ventures with Participation from Mechanism Ventures, Bankless Ventures & More

The funds will be deployed to support the launch of the first-of-its kind hybrid L2 powered by Bitcoin and Ethereum.

LONDON, March 27, 2024 /PRNewswire-PRWeb/ -- BOB ("Build on Bitcoin"), a first-of-its-kind hybrid Layer-2 powered by Bitcoin and Ethereum, announces the completion of its $10M seed round led by Castle Island Ventures with participation from, Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, Asymmetric, Antalpha, Web3.com Ventures, BTC Frontier Fund, Zeeprime, and notable angels like Dan Held and Domo. The funds will be leveraged to support the rollout of the first Bitcoin L2 with EVM compatibility to foster innovation on the network and the creation of a vibrant Bitcoin dApp ecosystem.

Alexei Zamyatin, Co-Founder of BOB shared, "We're thrilled to have the support of such esteemed investors who share our vision for the future of Web3 innovation by combining the best of Bitcoin and Ethereum. We look forward to launching our hybrid Layer-2 to facilitate the growth of novel applications with the highest security and execution while being easy for developers to build on—no new wallet creation or set-ups involved."

Nic Carter, General Partner of Castle Island Ventures, said, "Key unlocks like BitVM have made rollups possible on Bitcoin, ushering in a new era of scalability and expressivity for the world's premier blockchain. We're proud to be backing BOB as the market leader and one of the first movers in this space. BOB combines the security and liquidity of Bitcoin with the shovel-ready infrastructure of the EVM ecosystem, and we couldn't be more excited to support this stellar team."

Qiao of AllianceDAO said, "Among all the infra projects Bitcoin L2s are the most exciting to me. It's the biggest unlock for the Bitcoin ecosystem in recent years, as 1.5 trillion dollars can then be deployed in highly expressive dapps. I've known Alexei for over 2 years. He's been building in the ecosystem before it was consensus. The grit and the experience make him one of the best founders to tackle this problem."

BOB recently announced a strategic partnership with Anduro (by Marathon Digital). Additionally, leading developers, including Layer Bank, IceCream, bit_Smiley, and iZUMi are excited to deploy their applications on BOB.

BOB is also introducing the first season of its Fusion program on March 27th, offering users early access to the BOB platform. Participants can secure their access by locking various tokens to earn Spice (points) that represent a user's active involvement and contribution to the BOB ecosystem. Campaign partners include Blockchain.com, OKX, as well as Sovryn and Alex Labs, the two leading Bitcoin DeFi protocols.

For media inquiries, please contact Jonathan Duran at (310) 260-7901 or Jonathan(at)Melrosepr(dot)com

About BOB
BOB ("Build on Bitcoin") is a first-of-its kind hybrid L2 powered by Bitcoin and Ethereum. By combining the security and liquidity of the two largest blockchain ecosystems, BOB is paving the way for the next generation of Bitcoin innovation, establishing itself as the highest security and liquidity L2 solution in the market. This makes BOB the best place to build on Bitcoin.

Media Contact

Jonathan Duran, Melrose PR, 3102607901, [email protected], https://www.melrosepr.com/

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SOURCE Build on Bitcoin