Bima Labs, a San Mateo, CA-based developer of Bitcoin-backed stablecoins, raised $2.25M in Seed funding.
The round was led by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, Delta Blockchain Fund, Halo Capital, CoreDAO, and angels including DOMO (creator of BRC-20), Ryan Fang (Ankr), Paul Taylor, Brian Crain (Chorus One), Paul Kim (Notifi and ex-director of product at Circle), Jeffrey Feng (Sei Labs), Smokey (Berachain), and more.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Siddarth Sridhar, Bima Labs is creating the universal stablecoin backed by restaked Bitcoin that’s also chain-agnostic. The platform allows users across various BTC L2s and side chains to stake their Bitcoin as collateral and restake corresponding liquid staking and staking tokens into a vault to mint USBD (Universal Stable Bitcoin Dollar). This versatile stablecoin can be used for lending, borrowing, swapping, and even as credit against staked Bitcoin.
USBD operates across multiple blockchains. Collateral will be accepted from EVMs, Bitcoin L2s, Solana, STX, Runes, Ordinals, Arch Network, Bitcoin L1, and more.
FinSMEs
15/07/2024