BOB Raises $10M to Accelerate Bitcoin, Ethereum Integration

BOB, with Castle Island Ventures at the helm, secured a $10 million seed round, with Methodology Ventures, CMS Ventures, and other investors.

Castle Island Ventures led a $10 million seed round that Build on Bitcoin (BOB) has successfully completed. Methodology Ventures, CMS Ventures, Bankless Ventures, UTXO Management, Asymmetric, Antalpha, Web3.com Ventures, BTC Frontier Fund, Zeeprime, and angel investors Dan Held and Domo were also involved in the fundraising.

Using the best features of both the Bitcoin and Ethereum networks, they are creating a layer-2 blockchain platform. In an effort to speed up network and Bitcoin dApp ecosystem innovation, the company stated it will utilize the money to facilitate the launch of the first Bitcoin L2 with EVM compatibility.

In a statement regarding the funding, Alexei Zamyatin, co-founder of BOB, expressed his excitement about the backing of distinguished investors who share his vision for the future of Web3 innovation, which involves integrating the greatest features of Ethereum and Bitcoin. We are excited to announce the release of our hybrid Layer-2, which will allow developers to construct creative applications with the utmost security and execution without having to create or configure new wallets.

This news is a result of BOB’s recent collaboration with Anduro, a company that Marathon Digital has funded. The two companies will jointly develop an Ethereum-compatible sidechain, secure by Bitcoin’s Proof-of-Work, ALYS.

On March 27, BOB will also launch its Fusion program, offering consumers early access to its platform with the first season introduction.

Spices, which are points acquired from engaging with and making contributions to the BOB ecosystem, are used to unlock tokens, which users use to gain access.

A new era of scalability and expressivity has begun for the world’s leading blockchain, Bitcoin, because of key unlocks like BitVM, according to Nic Carter, General Partner of Castle Island Ventures. As the industry pioneer and current frontrunner, we are pleased to support BOB. It is with great excitement that we announce our support for BOB, a project that brings together the Bitcoin network’s security and liquidity with the EVM ecosystem’s shovel-ready infrastructure.