Bima Labs, the developer of the Bitcoin-backed stablecoin USBD, has raised $2.25 million in a seed funding round.
Bima Labs, the developer of the Bitcoin -backed stablecoin USBD, has emerged from stealth, raising $2.25 million in a seed funding round.
Bima was founded in April, began raising funds then, and closed the round within three months, founder and CEO Siddarth Sridhar told The Block. Sridhar said the round was structured as equity with token warrants. He declined to comment on the valuation.Bima has developed USBD, a Bitcoin-backed stablecoin, which can be minted by providing Bitcoin liquid staking and restaking tokens as collateral.
The minted USBD stablecoin can be used for lending, borrowing, swapping and other purposes in decentralized finance applications to earn more rewards. Bima joins over a dozen projects in the Bitcoin ecosystem that have raised venture capital funding this year, as The Block reported recently. Sridhar said Bima was initially developing a stablecoin in the Ethereum ecosystem based on EigenLayer's restaking protocol but decided to pivot to Bitcoin.
Crypto Ecosystems Deals Layer 1S Layer 2S And Scaling Startups Venture Capital Bitcoin Exclusive Seed &Amp Pre-Seed
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
German government offloads its final Bitcoin holdingsThe German government officially has zero Bitcoin left after weeks of dumping its Bitcoin reserves.
Read more »
Say Goodbye to Bitcoin Under $60,000 Forever: Samson Mow Doubles Down on ForecastVocal Bitcoin maximalist Samson Mow revisits his recent bullish Bitcoin prediction about $60,000
Read more »
US Bitcoin miners hodl in expectation of BTC price risesUS Bitcoin miners are holding on to Bitcoin, expecting the price to continue to rise.
Read more »
Bitcoin miner sell pressure 'weakening' as BTC withdrawals drop 85%Bitcoin miners cool BTC withdrawals in June in what analysis says is 'weakening' Bitcoin sell pressure.
Read more »
Michael Saylor Issues Important 'Bitcoin Independence' Message: DetailsMichael Saylor addressed US Bitcoin community with 'Bitcoin Independence' message
Read more »
Mt. Gox begins repayments in Bitcoin and Bitcoin CashMt. Gox starts repaying debts in Bitcoin and Bitcoin Cash to creditors via designated exchanges.
Read more »