The Layer-2 Blockchain Network Build in Bitcoin (BOB) has raised $ 21 million in strategic funds since December 2024, with $ 9.5 million secured to the latest rotation, according to a release of news sent to the Cointelegraph.
Many existing investors have increased their financial promises to the latest $ 9.5 million strategic rotation, including Castle Island, along with new strategic investors anchorage, amber group and sats ventures.
Nic Carter, founding partner of Castle Island, told Cointelegraph why they decided to double their investment:
“We also continue to believe that Bitcoin will be the DEFI bedrock, and we think Bob will be a Marquee L2.”
Dominik Harz, Chief Technology Officer at Bob, told Cointelegraph that the company’s next major milestone was the launch of the Bitvm Bridge in labor. The bridge will give -in to the native bitcoin (Btc) to be used to the Defi in Bob and facilitate BTC transfer to other chains.
Bob plans to launch BTC-staked Finality by the end of 2025, with future upgrades enabling bridges with secure BTC in Solana, Ethereum, SUI and other smart-contract chains.
“Users, institutions, apps and purses anywhere will access the native BTC defi by Bob,” Harz said.
Bob’s Testnet recently lived with support from partners including Lombard, Amber Digital and Rockawayx. A Mainnet launch was planned for the fourth quarter of 2025.
Bridging Bitcoin and Ethereum
Bob uses the Hybrid Chain Model, which combines Bitcoin’s security and stability with Ethereum’s defi ecosystem.
Bob is a hybrid because it is simultaneously a member of the superchain, who uses the OP stack as an Ethereum rollup, and also a network with a Bitcoin secure, which is integrating with Babylon for the end of Bitcoin by the billions of staked BTC dollars.
Like Thursday, Bob’s total cost locked was $ 212 million, while Defi TVL was $ 132.2 million, with 553,000 users.
Related: Bitcoin formation adds zk-proofs to upgrading towards decentralization
Native Bitcoin Defi is on the way
In the past, Bitcoin Defi has more relying on centralized institutions or wrapped in tokens of bitcoin such as WBTC (Wbtc), Tbtc (Tbtc) and HUOBI BTC (HBTC). The so -called “Bitcoin” tokens are Real BTC representations, in which users deposit their real BTC with centralized or multisignature custodians in exchange for a tokenised version that can be used in the chain.
While all BTC bridges have a history of relying on multisignature preservation, Bob’s BitVM2 allows users to coordinate with DeFI applications using their native BTC directly, without the need to care or wrap.
Bitvm2 is the latest BITVM design, written by Bob co-founder Alexei Zamyatin. It allows practical proofs of bitcoin fraud, which allows users to implement trust-minimized bridging between Bitcoin L1 and Bob.
By seizing this technology, Bob aims to get Bitcoin closer to Ethereum-style decentralized finance, allowing Bitcoin users to engage without losing control over their properties. The network aims to maintain bitcoin security while activating contact with Ethereum-based protocols.
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