The Bitcoin restaking platform Lombard raised $16 million in seed funding led by the venture firm Polychain Capital.
Additional participants in the fundraise include BabylonChain, Inc., dao5, Franklin Templeton, Foresight Ventures, Mirana Ventures, Mantle EcoFund and Nomad Capital, among others.
Lombard will use the financing to grow out the Bitcoin restaking ecosystem alongside Babylon, a Bitcoin staking protocol. Once a user stakes Bitcoin via Babylon, Lombard issues the liquid and yield-bearing representation of staked Bitcoin using the token LBTC to unlock liquidity.
Lombard intends to integrate LBTC across Ethereum DeFi protocols later in the year, according to a company release.
“Our investment in Lombard demonstrates our belief in its potential to add immense value to the Web3 ecosystem by unlocking Bitcoin’s latent potential. Our commitment to Lombard represents a deeper belief in the leverage Bitcoin can have in catalyzing growth across the whole Blockchain space,” said Polychain Capital founder Olaf Carlson-Wee in a statement.
The crypto-focused venture firm Paradigm led a $70 million fundraise for Babylon on May 30, which saw participation from Polychain as well as Bullish Capital, Hashkey Capital and others.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
This news is republished from another source. You can check the original article here
