Build on Bitcoin (BOB) Raises $21 Million in Funding
Build on Bitcoin (BOB), a hybrid Layer two (L2) blockchain, has successfully raised a total of $21 million through a series of strategic funding rounds since December 2024, with recent backing from investors including Castle Island Ventures, Ledger Cathay Capital, Rockawayx, and Sats Ventures.
The latest funding round raised $9.5 million, demonstrating strong confidence from existing investors, many of whom have increased their commitments. BOB aims to accelerate the development of its hybrid chain, which combines bitcoin’s security with ethereum’s decentralized finance (DeFi) innovation, unlocking new use cases and significant liquidity opportunities.
Co-Founder Alexei Zamyatin emphasized the importance of these investments in defining Bitcoin’s role in DeFi, while Nic Carter from Castle Island Ventures highlighted the potential of Bitcoin DeFi and BOB’s unique approach. Recently, BOB launched native Bitcoin DeFi on its testnet, supported by leading institutions, and became the first hybrid ZK rollup, enhancing efficiency and reducing costs for transactions.