According to Foresight News, according to The Block, stablecoin developer Bima Labs has completed a $2.25 million seed round of financing, led by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO and Halo Capital, as well as angel investors Ryan Fang of Ankr, Brian Crain of Chorus One, Jeffrey Feng of Sei Labs and Smokey of Berachain. The new funds will be used to recruit new members.
Bima has developed a Bitcoin-backed stablecoin, USBD, which can be minted by providing Bitcoin liquidity staking and re-staking tokens as collateral. Bima said it will accept collateral from multiple blockchains, including Bitcoin, the Bitcoin Scaling Network, Ethereum Virtual Machine (EVM) compatible networks, and Solana.