TL;DR
- BOB has secured $9.5 million in fresh funding, raising its total to $21.1 million to accelerate its hybrid DeFi infrastructure.
- Major investors like Castle Island Ventures, Anchorage, and Amber Group continue to support BOB’s Layer 2 innovation.
- By leveraging BitVM for trustless transactions and staked BTC for security, BOB is positioning itself as a serious contender in the evolving Bitcoin DeFi landscape.
Build on Bitcoin (BOB), a rising force in the Bitcoin DeFi space, has closed a new $9.5 million strategic funding round, further strengthening its vision for Bitcoin-secured decentralized finance. This latest raise pushes the project’s total funding to $21.1 million, reinforcing confidence in BOB’s unique approach to building a bridge between Bitcoin and Ethereum technologies with long-term potential and scalability.
Leading this latest round are well-established investors such as Castle Island Ventures, which also led BOB’s previous $10 million seed round. Other contributors include Ledger Cathay Fund, RockawayX, UTXO Management, Amber Group, Anchorage, and Sats Ventures. Several early backers, including Asymmetric, IOSG Ventures, and Bankless Ventures, have increased their stakes, showing strong conviction in BOB’s long-term strategy and growing market relevance within the DeFi ecosystem.
Bitcoin DeFi Innovation Through BitVM and Hybrid Layer 2
What makes BOB stand out in a crowded field of Bitcoin Layer 2 projects is its integration of BitVM, a novel architecture enabling trustless BTC deposits and withdrawals without centralized intermediaries. Combined with staked BTC for securing DeFi activity, BOB offers a dual-layer approach that blends Ethereum’s programmability with Bitcoin’s security model.
According to Castle Island Ventures founding partner Nic Carter, BOB is currently the only Layer 2 solution merging BitVM and Bitcoin finality, which opens up new possibilities for decentralized applications built around Bitcoin-native assets. This hybrid model not only simplifies access to Bitcoin-based yield opportunities but also extends the utility of BTC beyond simple holding or centralized lending.
Expanding Liquidity and DeFi Use Cases for BTC
With this new capital, the BOB team plans to accelerate development and expand its testnet capabilities. A recent testnet launch brought native BTC support to BOB’s ecosystem through its BitVM bridge, partnering with entities like Lombard and Amber Digital. Unlike wrapped bitcoin approaches, BOB focuses on enabling real BTC to flow through its applications.
While still in the early stages, BOB continues to attract high-profile support by positioning Bitcoin not as a passive store of value, but as the foundation for a broader, decentralized financial system that is now within reach worldwide and gaining serious momentum.
