Bitcoin-Backed Stablecoin USBD Takes Flight with $2.25 Million Seed Round

Bima Labs raises $2.25 million to build a Bitcoin-backed stablecoin ecosystem enabling lending, borrowing, and swapping within DeFi.

Bima Labs, the team behind the innovative Bitcoin-backed stablecoin USBD, has successfully secured $2.25 million in seed funding. This round, led by Portal Ventures, will fuel the project’s development and upcoming mainnet launch.

Bima Labs is pioneering a unique stablecoin solution – USBD – that leverages Bitcoin as its core backing. Users can mint USBD by depositing Bitcoin liquid staking and restaking tokens (LSTs & LRTs) from various providers. Bima’s vision extends beyond just a stablecoin; they aim to unlock a world of new credit, debt, and hybrid financial applications powered by USBD, catering to a global audience.

Currently live on a testnet, USBD is gearing up for a Q4 2024 mainnet launch. This critical milestone will coincide with the introduction of Bima’s native governance token, BIMA. The BIMA token will reside on an EVM-compatible chain, with the final choice yet to be determined.

Bima Labs joins a growing trend of Bitcoin-centric projects attracting venture capital. They initially aimed to build an Ethereum-based stablecoin but strategically shifted their focus to Bitcoin’s vast potential. Sridhar, Bima’s CEO, highlights the faster innovation cycle on Bitcoin compared to Ethereum, a larger addressable market, and untapped yield opportunities in emerging regions.

The Future of Bima Labs

With this funding boost, Bima Labs plans to expand its team, focusing on business development and engineering expertise. This strategic growth will propel Bima Labs towards establishing USBD as a prominent player in the evolving DeFi landscape.

READ MORE NEWS ON

Bitcoin | Inflation Deflation Deflation Inflation Cryptocurrencies

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.