BOB Initiative Receives $10M Boost To Forge Bitcoin-Ethereum Synergy
BOB, short for ‘Build on Bitcoin,’ raised a substantial $10 million in a seed funding round spearheaded by Castle Island Ventures, with participation from Mechanism Capital, CMS Holdings, Bankless, Viabtc Capital, and others.
The initiative aims to bridge Bitcoin and Ethereum by deploying a layer-two (L2) solution compatible with the Ethereum Virtual Machine (EVM), facilitating the creation of decentralized applications (dapps) on the Bitcoin network. BOB’s rollup stack combines Bitcoin’s robust security with Ethereum’s accessibility, enabling seamless smart contract execution and development.
Co-founder Alexei Zamyatin expressed gratitude for investor support, emphasizing BOB’s commitment to launching a hybrid L2 that offers top-tier security and ease of use for developers. This funding comes amidst growing interest in Bitcoin L2 solutions, with initiatives like BOB and Stacks advancing the landscape for decentralized finance (DeFi) applications on the Bitcoin blockchain.
Clever Robot News Desk 29th March 2024
