July 02, 2024
Lombard, a platform for Bitcoin restaking, has successfully secured $16 million in seed funding, with the venture firm Polychain Capital leading the round. Other contributors to the fundraising effort include BabylonChain, Inc., dao5, Franklin Templeton, Foresight Ventures, Mirana Ventures, Mantle EcoFund, and Nomad Capital, among others.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
---|---|---|---|---|---|---|
Lombard | $16M | July 02, 2024 | Seed | $16M | Polychain Capital | Bitcoin |
The funds will be utilized by Lombard to expand the Bitcoin restaking ecosystem in collaboration with Babylon, a Bitcoin staking protocol. When a user stakes Bitcoin through Babylon, Lombard issues a liquid and yield-bearing representation of the staked Bitcoin using the LBTC token, thereby providing liquidity.
Lombard plans to incorporate LBTC across Ethereum DeFi protocols later this year. The founder of Polychain Capital, Olaf Carlson-Wee, expressed that their investment in Lombard is a testament to their confidence in Lombard's ability to significantly contribute to the Web3 ecosystem by tapping into the untapped potential of Bitcoin. Their dedication to Lombard is rooted in a profound conviction that Bitcoin can act as a powerful catalyst for growth throughout the entire Blockchain sector.
About Lombard
Lombard Finance is a platform dedicated to unlocking Bitcoin’s potential by connecting it to DeFi. Their flagship product, Liquid Bitcoin (LBTC), is a yield-bearing, cross-chain Bitcoin that is backed 1:1 by BTC. This allows Bitcoin to be held as a store of value while simultaneously being used to earn, stake, trade, and engage with DeFi at scale.
LBTC is natively minted across blockchains, enabling it to move freely across chains. It can be used as collateral in numerous AMMs, lending protocols, perpetual exchanges, and more. This makes LBTC a dynamic financial tool that brings unprecedented interoperability to 'digital gold’.
Website: https://www.lombard.finance/
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About Investor
Investor:Â Polychain Capital
Polychain Capital is an American investment firm based in San Francisco, California. Founded in 2016 by Olaf Carlson-Wee, the company focuses on investments related to cryptocurrency and blockchain technology. Polychain manages actively managed portfolios of blockchain-based digital assets, leveraging software to create, issue, and transmit these assets. Notable investors in Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures, and Founders Fund. The firm has invested in companies such as Coinbase, Kik Messenger, and Tezos. While they considered an initial public offering (IPO) in 2018, they ultimately decided not to proceed. Polychain’s assets fluctuated significantly due to market dynamics, but their focus remains on innovative projects within the crypto space.
Location:Â San Francisco
Website:Â https://polychain.capital/
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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