The layer-two (L2) initiative BOB, an acronym for ‘Build on Bitcoin,’ successfully secured $10 million during its seed funding round, led by Castle Island Ventures. The financial boost is set to advance the deployment of a Bitcoin L2 that is compatible with the Ethereum Virtual Machine (EVM), aiming to spur creativity across the network and establish an ecosystem of Bitcoin decentralized applications (dapps).
BOB Aims to Bridge Bitcoin and Ethereum
The L2 project BOB, short for ‘Build on Bitcoin,’ has announced it raised $10 million in a funding round led by Castle Island Ventures. Mechanism Capital, CMS Holdings, Bankless, Viabtc Capital, and several other investors participated. Currently in the development phase, BOB leverages the EVM for smart contract creation and execution, ensuring compatibility with existing developer tools and infrastructure.
Secured by Bitcoin and connected to Ethereum, BOB’s rollup stack provides Bitcoin’s high security while being easily accessible to ethereum (ETH) users. “The funds will be deployed to support the launch of the first-of-its kind hybrid L2 powered by Bitcoin and Ethereum,” BOB explained on Wednesday.
During the announcement, BOB co-founder Alexei Zamyatin expressed gratitude for the backing from investors. “We look forward to launching our hybrid [L2] 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,” Zamyatin stated.
BOB’s seed funding arrives amid increasing interest in Bitcoin L2 solutions distinct from the Lightning Network. Recently, Blockchair unveiled a comprehensive web directory detailing both active and upcoming Bitcoin L2 platforms. Furthermore, the L2 initiative Stacks launched its public Nakamoto Testnet this past Tuesday. The disclosure from BOB also follows closely on the announcement that ALEX, an acronym for ‘Automated Liquidity Exchange,’ a decentralized exchange (dex) platform, succeeded in securing $10 million in funding.
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