TLDR:
Bima Labs, a developer of Bitcoin-backed stablecoin USBD, raised $2.25 million in a seed funding round led by Portal Ventures. The stablecoin can be minted using Bitcoin liquid staking and restaking tokens as collateral from various blockchains including Bitcoin, Ethereum Virtual Machine (EVM)-compatible networks, and Solana. The mainnet launch of USBD is expected in the fourth quarter of 2024 alongside the launch of their governance token, BIMA. The decision to pivot from Ethereum to Bitcoin was based on market potential and faster development timelines.
Article Summary:
Bima Labs, the developer of Bitcoin-backed stablecoin USBD, secured $2.25 million in a seed round led by Portal Ventures, with participation from other investors. The company aims to offer a stablecoin minted by using Bitcoin liquid staking and restaking tokens as collateral from various blockchain networks.
USBD, the stablecoin developed by Bima, is currently operational on a testnet with plans for a mainnet launch in the fourth quarter of 2024. Alongside the mainnet launch, Bima intends to introduce its governance token, BIMA, on an EVM-compatible chain. The decision to shift from Ethereum to Bitcoin was driven by the higher market potential and faster development pace observed in the Bitcoin ecosystem.
Bima Labs envisions a range of DeFi applications utilizing the USBD stablecoin, offering features such as lending, borrowing, swapping, and more. With the fresh funding, Bima plans to expand its team and hire personnel across various functions to support its growth and development efforts.
The BIMA token, set to launch alongside USBD on the mainnet, will provide governance capabilities within the ecosystem. Bima’s rapid fundraise and pivot showcase the agility and responsiveness of blockchain startups in catering to market demands and opportunities.
