Bitcoin’s price has been soaring recently, drawing significant attention to its ecosystem and NFTs. Today (29th), Bouncebit, a project that serves as a BTC Restake mechanism, has completed a $6 million financing round.
Background:
After the Bitcoin frenzy in 2023 and the surge in Bitcoin prices, there has been a lot of focus on the Bitcoin ecosystem and NFTs. However, due to the limitations of Bitcoin’s native smart contracts, how to unlock the $1.2 trillion market value and become the focus of many protocols has been a challenge. Bouncebit, which announced the completion of a $6 million financing round today, aims to address this issue.
What is Bouncebit?
Bouncebit, supported by the exchange Binance, is known for its BTC Restake mechanism. The core of this system is that users can collateralize both BTC tokens and Bouncebit’s native tokens on the network to ensure transaction security. What makes Bouncebit unique is that its architecture design is fully compatible with Ethereum Virtual Machine (EVM) and Solidity language, allowing projects originally running on the ETH platform to seamlessly migrate to the BTC ecosystem.
Bouncebit Introduction:
In late January, Bouncebit launched an activity called “Water Margin,” which is similar to Blast’s deposit mode and supports deposits on both Ethereum and BNB chains. Although it is limited to an invitation mechanism, it has already attracted funds totaling 450 million yuan, according to Defiliama data.
Future plans for Bouncebit are focused on the release of its mainnet in April, which coincides with the Bitcoin halving. Additionally, the testnet is expected to go live in early March.
$6 million financing, led by top institutions:
It is worth mentioning that Bouncebit recently completed a $6 million financing round, which has increased market investors’ expectations for the project. The round was led by well-known venture capital firms Blockchain Capital and Breyer Capital, and also included dao5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, OKX Ventures, Mirana Ventures, HTX Ventures, Mexc Ventures, Bodhi Ventures, and others.
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