The Bitcoin restaking platform Lombard raised $16 million in seed funding led by the enterprise agency Polychain Capital.
Extra members within the fundraise embody BabylonChain, Inc., dao5, Franklin Templeton, Foresight Ventures, Mirana Ventures, Mantle EcoFund and Nomad Capital, amongst others.
Lombard will use the financing to develop out the Bitcoin restaking ecosystem alongside Babylon, a Bitcoin staking protocol. As soon as a consumer stakes Bitcoin through Babylon, Lombard points the liquid and yield-bearing illustration of staked Bitcoin utilizing the token LBTC to unlock liquidity.
Lombard intends to combine LBTC throughout Ethereum DeFi protocols later within the 12 months, in line with an organization launch.
“Our funding in Lombard demonstrates our perception in its potential so as to add immense worth to the Web3 ecosystem by unlocking Bitcoin’s latent potential. Our dedication to Lombard represents a deeper perception within the leverage Bitcoin can have in catalyzing development throughout the entire Blockchain house,” mentioned Polychain Capital founder Olaf Carlson-Wee in an announcement.
The crypto-focused enterprise agency Paradigm led a $70 million fundraise for Babylon on Might 30, which noticed participation from Polychain in addition to Bullish Capital, Hashkey Capital and others.
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