Bima Labs Raises $2.25 Million to Revolutionize Bitcoin-Backed Stablecoins

Bima Labs, a pioneer in Bitcoin-backed stablecoin development, has successfully completed its seed fundraising round, securing over $2.25 million. The round was led by Portal Ventures and saw participation from notable investors such as Draper Goren Blockchain, Sats Ventures, Luxor Technology, Delta Blockchain Fund, Halo Capital, CoreDAO, and several prominent angel investors.

Bima Labs is at the cutting edge of stablecoin innovation, having created a universal stablecoin backed by restaked Bitcoin that operates across various blockchains. The new stablecoin, known as USBD (Universal Stable Bitcoin Dollar), allows users to stake their Bitcoin as collateral and restake corresponding liquid staking and staking tokens into a vault to mint USBD. This versatile stablecoin can be used for lending, borrowing, swapping, and as credit against staked Bitcoin.

USBD provides unparalleled flexibility and accessibility by operating seamlessly across multiple blockchains, including EVMs, Bitcoin Layer 2s, Solana, STX, Runes, Ordinals, Arch Network, and Bitcoin Layer 1. Its comprehensive integration with established Web2 payment systems bridges the gap between traditional finance and decentralized finance, allowing users to optimize their returns through a variety of vault strategies.

In addition to USBD, Bima Labs will offer a protocol governance token (BIMA), enabling stakers to earn fees from the protocol. Leveraging advanced restaking protocols, Bima Labs aims to enhance the security and efficiency of its platform, ensuring the robustness and reliability of Bitcoin-backed assets.

The CEO of Bima Labs expressed enthusiasm about the investor support, stating, "We are thrilled with the support from our investors, which underscores the confidence in our vision to revolutionize the stablecoin landscape. We envision a world of new credit, debt, and hybrid use cases powered by USBD, whether you’re in China, the US, Brazil, or Europe."

The founder of Bima Labs is a two-time exited founder in the Web3 and venture investing space, with a diverse background that includes roles under Tim Draper, Apollo Global Management, FalconX, Alchemy, CasperLabs, and as one of the Founding Citizens of the CityDAO Project.

With $200 billion in active liquidity ready for Bitcoin, Bima Labs is well-prepared to handle significant liquidity and support 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, offering users unparalleled opportunities for growth and financial innovation.