Portal Ventures lead with participation from Tim Draper’s Blockchain studio, Halo Capital, Luxor Technology, DOMO (creator of BRC-20 standard), and more
San Mateo, CA, July 15, 2024 (GLOBE NEWSWIRE) -- Bima Labs, developer of Bitcoin-backed stablecoins, is proud to announce the successful completion of its seed fundraising round, raising over $2.25 million.
The round was led by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, Delta Blockchain Fund, Halo Capital, CoreDAO, and angels including DOMO (creator of BRC-20), Ryan Fang (Ankr), Paul Taylor, Brian Crain (Chorus One), Paul Kim (Notifi and ex-director of product at Circle), Jeffrey Feng (Sei Labs), Smokey (Berachain), and more.
Bima Labs is at the forefront of stablecoin innovation, creating the universal stablecoin backed by restaked Bitcoin that’s also chain-agnostic. The platform allows users across various BTC L2s and side chains to stake their Bitcoin as collateral and restake corresponding liquid staking and staking tokens into a vault to mint USBD (Universal Stable Bitcoin Dollar). This versatile stablecoin can be used for lending, borrowing, swapping, and even as credit against staked Bitcoin.
USBD operates seamlessly across multiple blockchains, providing unparalleled flexibility and accessibility. Collateral will be accepted from EVMs, Bitcoin L2s, Solana, STX, Runes, Ordinals, Arch Network, Bitcoin L1, and more. With comprehensive integration with established Web2 payment systems, USBD bridges the gap between traditional finance and decentralized finance. Users can optimize their returns through a rolodex of vaults that fit their thesis across delta-neutral, gamma-neutral, and market-neutral strategies. Furthermore, Bima Labs' stablecoin has launched their testnet for users to begin experimenting and earning rewards.
The protocol will provide 2 tokens: the stablecoin (USBD) and a protocol governance token (BIMA). Stakers of the Bima’s protocol token (BIMA) will also earn fees from the protocol. Leveraging advanced restaking protocols, Bima aims to enhance the security and efficiency of the platform, ensuring that the future of Bitcoin-backed assets is both robust and reliable.
"We are thrilled with the support from our investors, which underscores the confidence in our vision to revolutionize the stablecoin landscape," said the CEO of Bima Labs. "We envision a world of new credit, debt, and hybrid use cases powered by USBD, whether you’re in China, US, Brazil, or Europe."
The founder is a 2x exited founder in the Web3 and venture investing space. He has held multiple roles under Tim Draper, Apollo Global Management, FalconX, Alchemy, CasperLabs, and was one of the Founding Citizens of the CityDAO Project.
The platform is prepared to handle significant liquidity, with $200 billion in active liquidity ready for Bitcoin, supporting robust and scalable operations. Positioned to capture a substantial share of the growing $150 billion stablecoin market, Bima Labs is dedicated to advancing the capabilities of Bitcoin-backed stablecoins.
Bima Labs is committed to creating a stable and secure financial ecosystem that leverages the strengths of Bitcoin, providing users with unparalleled opportunities for growth and financial innovation. For more information about Bima Labs and the Stablecoin vision visit bima.money
CONTACT: Piyush Maheshwari Head of Ecosystem Bima Labs piyush-at-bima.money https://bima.money/
