Bima Breaks Through with the Universal Stable on Bitcoin, Raises $2.25MM Seed Round

Bima
Labs,
developer
of
Bitcoin-backed
stablecoins,
is
proud
to
announce
the
successful
completion
of
its
seed
fundraising
round,
raising
over
$2.25
million. 

The
round
was
led
by
Portal
Ventures,
with
participation
from
Draper
Goren
Blockchain,
Sats
Ventures,
Luxor
Technology,
Delta
Blockchain
Fund,
Halo
Capital,
CoreDAO,
and
angels
including
DOMO
(creator
of
BRC-20),
Ryan
Fang
(Ankr),
Paul
Taylor,
Brian
Crain
(Chorus
One),
Paul
Kim
(Notifi
and
ex-director
of
product
at
Circle),
Jeffrey
Feng
(Sei
Labs),
Smokey
(Berachain),
 and
more.

Bima
Labs
is
at
the
forefront
of
stablecoin
innovation,
creating
the
universal
stablecoin
backed
by
restaked
Bitcoin
that’s
also
chain-agnostic.
The
platform
allows
users
across
various
BTC
L2s
and
side
chains
to
stake
their
Bitcoin
as
collateral
and
restake
corresponding
liquid
staking
and
staking
tokens
into
a
vault
to
mint
USBD
(Universal
Stable
Bitcoin
Dollar).
This
versatile
stablecoin
can
be
used
for
lending,
borrowing,
swapping,
and
even
as
credit
against
staked
Bitcoin. 

USBD
operates
seamlessly
across
multiple
blockchains,
providing
unparalleled
flexibility
and
accessibility.
Collateral
will
be
accepted
from
EVMs,
Bitcoin
L2s,
Solana,
STX,
Runes,
Ordinals,
Arch
Network,
Bitcoin
L1,
and
more.
With
comprehensive
integration
with
established
Web2
payment
systems,
USBD
bridges
the
gap
between
traditional
finance
and
decentralized
finance.
Users
can
optimize
their
returns
through
a
rolodex
of
vaults
that
fit
their
thesis
across
delta-neutral,
gamma-neutral,
and
market-neutral
strategies.
Furthermore,
Bima
Labs’
stablecoin
has
launched
their
testnet
for
users
to
begin
experimenting
and
earning
rewards.

The
protocol
will
provide
2
tokens:
the
stablecoin
(USBD)
and
a
protocol
governance
token
(BIMA).
Stakers
of
the
Bima’s
protocol
token
(BIMA)
will
also
earn
fees
from
the
protocol.
Leveraging
advanced
restaking
protocols,
Bima
aims
to
enhance
the
security
and
efficiency
of
the
platform,
ensuring
that
the
future
of
Bitcoin-backed
assets
is
both
robust
and
reliable.

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

The
founder
is
a
2x
exited
founder
in
the
Web3
and
venture
investing
space.
He
has
held
multiple
roles
under
Tim
Draper,
Apollo
Global
Management,
FalconX,
Alchemy,
CasperLabs,
and
was
one
of
the
Founding
Citizens
of
the
CityDAO
Project.

The
platform
is
prepared
to
handle
significant
liquidity,
with
$200
billion
in
active
liquidity
ready
for
Bitcoin,
supporting
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,
providing
users
with
unparalleled
opportunities
for
growth
and
financial
innovation.
For
more
information
about
Bima
Labs
and
the
Stablecoin
vision
visit
bima.money