According to Odaily, Lombard, a Bitcoin pledge protocol, has successfully raised $16 million in seed funding. The round was 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 funding to further develop the Bitcoin re-pledge ecosystem and promote the subsequent development of the Bitcoin pledge protocol, Babylon. Once users pledge Bitcoin through Babylon, Lombard will issue the LBTC token, representing the liquidity and yield of the pledged Bitcoin, to unlock liquidity.
Lombard intends to integrate LBTC into the Ethereum DeFi protocol later this year.
