Key Points
- BounceBit, a Bitcoin restaking protocol, has raised $6 million in a seed funding round.
- The protocol has over $545 million in total value locked (TVL) since its early access launch in January.
BounceBit, an under-development Bitcoin restaking protocol, has successfully raised a significant $6 million in its seed funding round. This round saw leading contributions from Breyer Capital and Blockchain Capital.
Other notable investors included Bankless Ventures, Matrixport Ventures, CMS Holdings, among others. A few Angel investors also participated in the round, one of them being Calvin Liu, the chief strategy officer of EigenLayer.
About BounceBit
BounceBit was established in December 2023, and it concluded its seed funding round last week. Jack Lu, the founder and CEO of BounceBit, stated that the funding round was organized as a Simple Agreement for Future Equity (SAFE) with a token warrant.
The protocol is currently operational in early access mode. Since its launch on January 23, BounceBit has already gathered over $545 million in TVL. Lu shared that while BounceBit bears similarities with Babylon, Merlin Chain, and B² Network, its technology makes it unique.
Lu stated, “Our interaction with Bitcoin is anchored on the asset level rather than the protocol level. BounceBit will build a plethora of infrastructure, exploring the use-cases of restaking for various types of Bitcoin.”
BounceBit’s Unique Approach
BounceBit’s proof-of-stake Layer 1 network facilitates BTC, Binance’s BTCB, and BounceBit’s native token. Lu emphasized the strategy not only expands BTC participation but also strengthens chain security. He also mentioned that Binance’s BTCB is BounceBit’s main asset due to its accessibility.
Lu explained, “It has a swift creation and redemption process on the Binance exchange, coupled with robust liquidity on the BNB Chain. It provides the lowest barrier to entry to the average user.”
Future Plans for BounceBit
BounceBit plans to introduce BounceClub and the BounceBit App Store to further expand its ecosystem. Lu explained that BounceClub serves as an on-chain web3 domain that allows users to create, deploy, and access decentralized applications (dApps) within the BTC ecosystem.
BounceBit is associated with Bounce Finance, a token launchpad. Lu mentioned his previous role as a co-founder of Bounce Finance but stated his recent resignation. However, he affirmed that Bounce Finance would continue to support the BounceBit ecosystem.
At present, BounceBit employs 15 individuals. With the recent funding secured, the startup aims to expand its team and launch both its testnet and mainnet in the coming weeks. Lu revealed that the testnet will go live early next month, with the mainnet expected to follow in April, coinciding with the Bitcoin halving.
