Bima Labs receives US$2.25 million in seed round financing! Bitcoin stablecoin USBD will be issued

This site (120BtC.coM): According to TheBlock, Bitcoin development team Bima Labs received US$2.25 million in a seed round led by Portal Ventures. The project develops a Bitcoin-backed stablecoin USBD.

Bima Labs said on Monday that the Bitcoin stablecoin development project was led by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO and Halo Capital. Angel investors include Ankr’s Ryan Fang, Chorus One’s Brian Crain, Sei Labs’ Jeffrey Feng and Berachain’s Smokey also participated in the round.

Founder and CEO Siddarth Sridhar told The Block that Bima was founded in April and started raising funds at that time, and completed this round of financing within three months. Sridhar said the funding round is structured as equity with token warrants. He declined to comment on the valuation.

What is Bima Laboratory?

Bima develops USBD, a Bitcoin-backed stablecoin that can be minted by providing Bitcoin liquidity to stake and re-stake the token as collateral. Bima said it will accept collateral from multiple blockchains, including Bitcoin, the Bitcoin Scaling Network, the Ethereum Virtual Machine EVM Compatible Network and Solana.

Sridhar said: “Users can deposit Bitcoin Liquidity Staking Tokens (LST) and Liquidity Re-staking Tokens (LRT) from various providers to purchase from Lorenzo, Lombard, pStake, Bedrock, Acre, DLC. link, ALEX Labs BTC, etc. mint USBD. The minted USBD stablecoin can be used for lending, borrowing, exchange and other purposes in decentralized finance applications to obtain more rewards. Whether you are in China, the United States, Brazil or Europe, we Imagine a world where credit loans and borrowing will be provided by the Bitcoin-backed stablecoin USBD. "

USB Dmainnet development

USBD is currently running on the testnet, and Sridhar said the mainnet will be launched in the fourth quarter of this year. He added that Bima will also launch its own governance token BIMA around the same time. The BIMA token will be issued on an EVM-compatible chain, but it has not yet been determined.

Bima joins a dozen projects in the Bitcoin ecosystem. Bima was originally developing stablecoins in the Ethereum ecosystem based on EigenLayer’s recollateralization protocol, but decided to switch to Bitcoin.

Sridhar said that what Ethereum can accomplish in four to five years, Bitcoin can accomplish in four to five months. The Bitcoin ecosystem has a higher total addressable market, higher asset utilization, and ultimately greater potential to unlock higher revenue opportunities in places like Latin America, the Middle East, and North Africa. With the new funding, Bima plans to expand its six-person team with new hires spanning business development and engineering.

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