Quick take:

  • Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, Asymmetric, Antalpha, Web3.com Ventures, BTC Frontier Fund, Zeeprime also joined the round.

  • The funds will be used to support the launch of BOB’s first Bitcoin L2 with EVM compatibility.

  • Build on Bitcoin wants to use its L2 to foster innovation in Bitcoin’s dApp ecosystem.

Build on Bitcoin (BOB) has completed a $10 million seed round led by Castle Island Ventures. The fundraising also attracted participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, Asymmetric, Antalpha, Web3.com Ventures, BTC Frontier Fund, and Zeeprime, with Dan Held and Domo joining as angel investors.

BOB is developing a hybrid layer-2 blockchain platform powered by both Bitcoin and Ethereum networks. The company said it will use the funds to support the rollout of the first Bitcoin L2 with EVM compatibility as it looks to accelerate innovation on the network and the Bitcoin dApp ecosystem.

Commenting on the fundraising, Alexei Zamyatin, Co-Founder of BOB said in a statement: “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.”

This announcement comes on the heels of BOB’s recent partnership with the Marathon Digital-backed Anduro. The two companies will collaborate in the development of ALYS, an Ethereum-compatible sidechain that is secured by Bitcoin’s Proof-of-Work.

BOB is also introducing the first season of its Fusion program on March 27, giving users first access to its platform. 

Announcing BOB Fusion – Season 1The most awaited L2 is almost here. Get early access to BOB – lock assets, harvest 𝐒𝐩𝐢𝐜𝐞 (points), and unleash the united power of Bitcoin and Ethereum. BOB Fusion starts in 5 days. Releasing first access codes now. pic.twitter.com/LL5V4Ayf4z

— BOB | Build On Bitcoin (@build_on_bob) March 22, 2024

Users gain access by locking tokens to earn Spice, which are points earned by interacting with and contributing to the BOB ecosystem.

Nic Carter, General Partner of Castle Island Ventures commented: “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.”

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The post Castle Island Ventures Leads $10M Seed Round for Bitcoin and Ethereum-Powered L2 BOB appeared first on NFTgators .