The layer-two (L2) initiative BOB, an acronym for ‘Construct on Bitcoin,’ efficiently secured $10 million throughout its seed funding spherical, led by Citadel Island Ventures. The monetary enhance is about to advance the deployment of a Bitcoin L2 that’s appropriate with the Ethereum Digital Machine (EVM), aiming to spur creativity throughout the community and set up an ecosystem of Bitcoin decentralized functions (dapps).
BOB Goals to Bridge Bitcoin and Ethereum
The L2 venture BOB, brief for ‘Construct on Bitcoin,’ has introduced it raised $10 million in a funding spherical led by Citadel Island Ventures. Mechanism Capital, CMS Holdings, Bankless, Viabtc Capital, and a number of other different traders participated. At the moment within the improvement section, BOB leverages the EVM for sensible contract creation and execution, guaranteeing compatibility with present developer instruments and infrastructure.
Secured by Bitcoin and linked to Ethereum, BOB’s rollup stack gives Bitcoin’s excessive safety whereas being simply accessible to ethereum (ETH) customers. “The funds will probably be deployed to help the launch of the first-of-its form hybrid L2 powered by Bitcoin and Ethereum,” BOB defined on Wednesday.
Through the announcement, BOB co-founder Alexei Zamyatin expressed gratitude for the backing from traders. “We stay up for launching our hybrid [L2] to facilitate the expansion of novel functions with the best safety and execution whereas being straightforward for builders to construct on—no new pockets creation or set-ups concerned,” Zamyatin acknowledged.
BOB’s seed funding arrives amid rising curiosity in Bitcoin L2 options distinct from the Lightning Community. Lately, Blockchair unveiled a complete net listing detailing each lively and upcoming Bitcoin L2 platforms. Moreover, the L2 initiative Stacks launched its public Nakamoto Testnet this previous Tuesday. The disclosure from BOB additionally follows intently on the announcement that ALEX, an acronym for ‘Automated Liquidity Alternate,’ a decentralized alternate (dex) platform, succeeded in securing $10 million in funding.
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