Heaptalk, Jakarta — BounceBit has closed a US$6 million funding round to build BTC Restaking infrastructure. This milestone round was led by prominent venture capital firms Blockchain Capital and Breyer Capital.
The round includes participation from dao5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, Primitive Ventures, Arcane Group, IDG Capital, Bixin Ventures, Nomad Capital, Geekcartel, DeFiance Capital, General Mining Research, OKX Ventures, Mirana Ventures, HTX Ventures, Mexc Ventures, Bodhi Ventures.
Additionally, notable angel investors include Nathan from Anchorage Digital, Calvin and Jessy from Eigenlayer, Kevin and Ashwin from Brevan Howard, Smokey from Berachain, George Lambeth, Pranay Mohan, James Parillo, RookieXBT, MacnBTC, Pentoshi and others.
“We’re thrilled to lead the seed round for BounceBit as they’re pushing the frontiers of BTC Restaking and yield generation,” said Ted Breyer, Partner at Breyer Capital.
At its core, the company’s innovation stems from its BTC Restaking mechanism. This relatively new concept acts as the foundation of the project. BounceBit will build a plethora of infrastructure, exploring the use cases of Restaking for various types of Bitcoin. These infrastructure components are called Shared-Security Clients (SSC).
“Their expertise and support will be instrumental in our mission to build restacking infrastructure to support yield generation for all types of Bitcoin across various networks,” said Jack Lu, Founder & CEO of BounceBit.
BounceBit’s first showcase of such an SSC will be its BTC Restaking Chain. The BounceBit chain is secured by validators staking BTC and its native token – A dual-token system leveraging native Bitcoin’s security, liquidity, and low volatility. Unlike existing Layer 2 solutions, the platform interacts with Bitcoin only on the asset level instead of the protocol level, taking a Layer 1 Proof of Stake approach. BTC Restaking provides shared security to infrastructure and DApps on BounceBit, e.g., bridges and oracles will be validated by restacked BTC.
Another highlight of BounceBit is its transparent CeFi foundation that secures users’ assets via the regulated custody of Mainnet Digital and Ceffu while leveraging on-chain asset traceability. Through an innovative CeFi + DeFi infrastructure, this startup empowers BTC holders to earn yield through delta-neutral strategies while being additionally protected by an insurance fund.
BounceBit has accumulated $445M TVL three weeks after the Early Access launch. Early TVL contributors can earn the points at bouncebit.io. BounceBit’s roadmap is structured towards the Testnet Launch on March 8th, the Mainnet Launch in April coinciding with the Bitcoin Halving, and ecosystem building for the rest of 2024.
“There is a huge opportunity to bring DeFi and other innovations to the Bitcoin community through BTC restocking. We’re excited to back the company as they lead the charge,” said Aleks Larsen, General Partner at Blockchain Capital.
