Bima Breaks Through with the Universal Stable on Bitcoin, Raises $2.25MM Seed Round
July 15 2024 - 4:00PM
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
Piyush Maheshwari
Head of Ecosystem
Bima Labs
piyush-at-bima.money
https://bima.money/