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Bima Labs, the Bitcoin-backed Stablecoin Developer, raises $2.25M Seed Round Led By Portal Ventures


Bitcoin-backed Stablecoin Developer

July 15, 2024


Bima Labs, the creator of the Bitcoin-backed stablecoin USBD, has come out of stealth mode, securing $2.25 million in a seed funding round.The round was spearheaded by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO, and Halo Capital. Several angel investors, including Ryan Fang from Ankr, Brian Crain from Chorus One, Jeffrey Feng from Sei Labs, and Smokey from Berachain, also contributed to the round.

Project

Latest Raise

Latest Raise Date

Stage

Lead Investor

Category

Bima Labs

$2.25M

July 15, 2024

Seed Round

Portal Ventures

Bitcoin

Bima was established in April and started fundraising at that time. The round was closed within three months, according to Siddarth Sridhar, the founder and CEO of Bima, in an interview with The Block. Sridhar mentioned that the round was organized as equity with token warrants, but chose not to disclose the valuation.


About Bima Labs

Bima has created USBD, a stablecoin backed by Bitcoin. This stablecoin can be minted by offering Bitcoin liquid staking and restaking tokens as collateral. Bima has stated that it will accept collateral from a range of blockchains, including Bitcoin, Bitcoin scaling networks, Ethereum Virtual Machine (EVM)-compatible networks, and Solana.


Users have the option to deposit their Bitcoin liquid staking tokens (LSTs) and liquid restaking tokens (LRTs) from a broad array of providers to mint USBD. These providers include Lorenzo, Lombard, pStake, Bedrock, Acre, DLC.link, ALEX Labs BTC, among others, according to Sridhar.


The minted USBD stablecoin can be utilized for a variety of purposes in decentralized finance applications, such as lending, borrowing, swapping, and more, to earn additional rewards. Sridhar envisions a future where new credit, debt, and hybrid use cases are powered by USBD, catering to users across the globe, including regions like China, the U.S., Brazil, and Europe.



About Investor

Investor: Portal Ventures

Portal Ventures is a venture capital firm that specializes in backing protocol businesses at the pre-seed stage. They believe that protocol business models will define the next generation of our economy and aim to accelerate this transition. The firm merges research-driven crypto nativity with years of experience across Wall Street, management consulting, and traditional venture investing.


Founded by Evan Fisher, who previously worked at Insight Partners and Goldman Sachs, Portal Ventures has invested over $600M globally in businesses across crypto, FinTech, internet, and software. The firm also includes General Partner Catrina Wang, who previously worked at Protocol Labs, Apple, and Hivemind Capital, and Venture Partner Ori Shimony, co-founder of dOrg, Polywrap, and Mechanism Institute


Location: New York, NY




A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.

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