BounceBit Raises $6M in Seed Funding Round To Build Bitcoin Restaking Infrastructure
SINGAPORE, Feb. 29, 2024 /PRNewswire/ -- We are thrilled to announce that BounceBit has successfully closed a $6-million funding round to build BTC Restaking infrastructure. This milestone round was led by prominent venture capital firms Blockchain Capital and Breyer Capital.
"We're thrilled to lead the seed round for BounceBit as they're pushing the frontiers of BTC Restaking and yield generation," said Ted Breyer, Partner at Breyer Capital.
"There is a huge opportunity to bring DeFi and other innovations to the Bitcoin community through BTC restaking — we're excited to back BounceBit as they lead the charge," said Aleks Larsen, General Partner at Blockchain Capital.
The round includes participation from dao5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, Primitive Ventures, Arcane Group, IDG Capital, Bixin Ventures, Nomad Capital, Geekcartel, DeFiance Capital, General Mining Research, OKX Ventures, Mirana Ventures, HTX Ventures, Mexc Ventures, Bodhi Ventures. Additionally, notable angel investors include Nathan from Anchorage Digital, Calvin and Jessy from Eigenlayer, Kevin and Ashwin from Brevan Howard, Smokey from Berachain, George Lambeth, Pranay Mohan, James Parillo, RookieXBT, MacnBTC, Pentoshi and others.
"Their expertise and support will be instrumental in our mission to build restaking infrastructure to support yield generation for all types of Bitcoin across a variety of networks." said Jack Lu, Founder & CEO of BounceBit. BounceBit has accumulated $445M TVL in just three weeks after Early Access launch. Early TVL contributors can earn BounceBit points at bouncebit.io.
At its core, BounceBit's innovation stems from its BTC Restaking mechanism. This relatively new concept acts as the foundation of the project. BounceBit will build a plethora of infrastructure, exploring the use-cases of Restaking for various types of Bitcoin. These infrastructure components are called Shared-Security Clients (SSC).
BounceBit's first showcase of such an SSC will be its BTC Restaking Chain. The BounceBit chain is secured by validators staking both BTC and BounceBit's native token – A dual-token system leveraging native Bitcoin's security, liquidity and low volatility. Unlike existing Layer 2 solutions, BounceBit interacts with Bitcoin only on the asset level instead of the protocol level, taking a Layer 1 Proof of Stake approach. BTC Restaking provides shared security to infrastructure and DApps on BounceBit, e.g. bridges and oracles will be validated by restaked BTC.
Another highlight of BounceBit is its transparent CeFi foundation that secures users' assets via the regulated custody of Mainnet Digital and Ceffu, while leveraging on-chain asset traceability. Through an innovative CeFi + DeFi infrastructure, BounceBit empowers BTC holders to earn yield through delta-neutral strategies, whilst being additionally protected by an insurance fund.
Looking ahead, BounceBit's roadmap is structured towards the Testnet Launch on March 8th, Mainnet Launch in April coinciding with the Bitcoin Halving, and ecosystem building for the rest of 2024.
About BounceBit
BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital and Ceffu. The BounceBit chain, designed as a showcase of a restaking product within the BounceBit ecosystem, is a PoS Layer 1 secured by validators staking both BTC and BounceBit's native token – A dual-token system leveraging native Bitcoin's security with full EVM compatibility. Critical ecosystem infrastructure like bridges and oracles are secured by restaked BTC. Through an innovative CeFi + DeFi framework, BounceBit empowers BTC holders to earn yield across multiple networks.
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