BOB announces it has raised $21 million, with additional investments from Castle Island Ventures, Ledger Cathay Capital, and other institutions
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BOB announces it has raised $21 million, with additional investments from Castle Island Ventures, Ledger Cathay Capital, and other institutions
After several recent rounds of strategic financing and the launch of key products and integrations, BOB has raised $21 million to date, strongly supporting its mission as a Bitcoin DeFi gateway.
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On August 7, BOB (Build on Bitcoin) announced it has completed multiple rounds of strategic funding since December 2024, bringing its total funding to $21 million to date. The BOB team disclosed that these funds will accelerate the development of BOB's hybrid public chain architecture and BitVM protocol, positioning the Bitcoin ecosystem at the core of the DeFi world and unlocking innovative applications and trillions of dollars in liquidity from Bitcoin.
BOB recently closed a $9.5 million extension of its strategic round, with most investors coming from its existing investor base, 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 received new strategic investments from Amber Group, Sats Ventures, and Nathan McCauley, CEO of Anchorage Digital, all of whom also participated in BOB’s earlier $1.6 million angel round.
The continued investment in BOB reflects strong confidence in its ability to unlock trillions of dollars in Bitcoin liquidity and become the premier gateway for Bitcoin DeFi. BOB’s hybrid public chain model offers unique inherent advantages by combining Bitcoin’s liquidity and security with Ethereum’s scalability and innovation, aiming to position Bitcoin as a foundational pillar of DeFi and unleash trillions in Bitcoin DeFi liquidity.
Alexei Zamyatin, co-founder of BOB and core contributor to BitVM, said: “We continue to attract new partners and see existing investors doubling down, which validates our team’s efforts to establish Bitcoin’s central role in DeFi. With recent product advancements and top-tier partners choosing BOB to advance their Bitcoin strategies, we are demonstrating the potential of BOB’s unique hybrid public chain model—one that merges the strengths of Bitcoin and Ethereum to redefine Bitcoin’s role in DeFi.”
As a gateway to Bitcoin DeFi, BOB is committed to being the easiest and safest entry point for earning yield with Bitcoin. Its hybrid public chain model integrates the strengths of both Bitcoin and Ethereum networks, meaning all applications, assets, and transactions are secured by billions of dollars in staked Bitcoin. Furthermore, BOB creates a BTC-secured bridge for developers and users to access Ethereum and other public chains, offering the best entry point to earn Bitcoin yields across multiple blockchain systems.
Nic Carter, founding partner at Castle Island Ventures, said: “We believe in the immense potential of Bitcoin DeFi and view BitVM as the best path toward trustless BTC custody. BOB is currently the only BitVM implementation in the market enabling trustless deposits and a Layer2 achieving Bitcoin finality through staked Bitcoin. We’re excited to increase our investment and support BOB’s mission to build the gateway to Bitcoin DeFi.”
Recently, with support from leading institutions and DeFi protocols such as Lombard, Amber Digital, and RockawayX, BOB launched native Bitcoin DeFi on its testnet. This development, powered by BOB’s BitVM bridge, will enable native BTC—rather than wrapped BTC—to serve its expansive Bitcoin DeFi ecosystem once live on mainnet.
In addition, BOB has become the first hybrid zero-knowledge (ZK) Rollup project, significantly reducing costs and improving efficiency for Optimistic Rollups by using zero-knowledge technology to resolve fraud disputes. Moreover, BOB’s integration with Fireblocks enhances 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, enabling users to easily and securely earn yield with Bitcoin. BOB’s unique hybrid public chain model combines the strengths of Bitcoin and Ethereum, leveraging hybrid zero-knowledge proofs and billions of dollars in staked Bitcoin to secure all applications, assets, and transactions within its primary DeFi ecosystem. On BOB, users can access native BTC without requiring wrapped BTC or custodial intermediaries, powered by the BitVM protocol. Additionally, users can access multi-chain Bitcoin yields with one click and redeem BTC on any chain. To date, BOB has received backing from leading investment firms including Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures, and IOSG.
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