According to Odaily Planet Daily, the Bitcoin re-pledge protocol Lombard has completed a $16 million seed round of financing, led by Polychain Capital, with participation from BabylonChain, Inc., dao5, Franklin Templeton, Foresight Ventures, Mirana Ventures, Mantle EcoFund and Nomad Capital. Lombard plans to use this financing to develop the Bitcoin re-pledge ecosystem and promote the subsequent development of the Bitcoin pledge protocol Babylon. After users pledge Bitcoin through Babylon, Lombard will use the token LBTC to issue liquidity and income representation of pledged Bitcoin to unlock liquidity. Lombard also plans to integrate LBTC into the Ethereum DeFi protocol later this year.