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BOB, layer-2 'hybrid' Bitcoin with Ethereum, raises Seed round capital of 10 million USD
BOB's goal is to build the first layer-2 Bitcoin compatible with EVM.
BOB, a "hybrid" layer-2 blockchain between Bitcoin and Ethereum, has successfully raised $10 million in a Seed funding round led by Castle Island Ventures.
The funding round also included participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, and angel investors Dan Held and Domo (creator of the BRC-20 token standard).
The mission that BOB wants to aim for is to build the first layer-2 Bitcoin that is compatible with EVM, a standardized virtual machine system that helps DeFi applications operate on the Ethereum ecosystem. The name BOB stands for “Build on Bitcoin” and also originates from that meaning.
In fact, bringing smart contracts from Ethereum to Bitcoin still faces many barriers, mainly due to concerns that it will pressure and reduce network performance.
However, the spirit that BOB brings has received support through last year's BitVM proposal, and mentioned in the whitepaper. Accordingly, calculations will be performed off-chain and then verified on-chain, similar to the optimistic rollups mechanism on Ethereum, to minimize the risk of congestion and impact on transaction fees on the network. network.
Bitcoin layer-2 is one of the segments that is considered to lead the market in the near future. Some prominent projects in this segment include Merlin Chain, BEVM, Elastos, Biop, Lightning Network...
>> See more: What is Bitcoin Layer-2? Why is this solution needed?
Today, the cryptocurrency market also witnessed the capital raising of the game Illuvium (12 million USD) and the DePIN peaq project (15 million USD). In addition, many other projects were also invested in this March, as Coin68 has summarized in the table below.
Coin68 synthesis