Bitcoin has long been a dominant force in the cryptocurrency world, but its potential for decentralized finance (DeFi) has been somewhat limited due to its design as a store of value rather than a platform for smart contracts. However, a recent development has the potential to change that. Build on Bitcoin, a startup focused on unlocking native BTC DeFi, has raised an impressive $21 million in funding.

The key innovation that Build on Bitcoin is bringing to the table is a new bridge that aims to connect the Bitcoin network with DeFi applications. This bridge will enable users to access decentralized financial services using Bitcoin as collateral, opening up a whole new world of possibilities for the cryptocurrency.

In addition to the bridge, Build on Bitcoin is also developing a hybrid layer-2 infrastructure that will allow for faster and more efficient transactions on the Bitcoin network. This infrastructure could help address some of the scalability issues that have long plagued Bitcoin and make it a more viable option for DeFi applications.

One of the most exciting aspects of Build on Bitcoin's funding round is the institutional investor backing that the startup has secured. This level of support from institutional players is a strong vote of confidence in Build on Bitcoin's vision and could help propel the project to even greater heights.

By bringing together these different elements – the bridge, the layer-2 infrastructure, and institutional support – Build on Bitcoin is positioning itself as a key player in the emerging world of Bitcoin-based DeFi. The potential for growth and innovation in this space is immense, and Build on Bitcoin is well positioned to capitalize on it.

The $21 million raised by Build on Bitcoin will be crucial in helping the startup achieve its ambitious goals. With this funding, the team will be able to further develop and refine their technologies, as well as expand their reach and bring their vision of native BTC DeFi to a wider audience.

Overall, the future looks bright for Build on Bitcoin and the broader Bitcoin DeFi space. As more projects like this one emerge and innovate in the space, we can expect to see Bitcoin playing an increasingly important role in the world of decentralized finance. With the right tools and support, Bitcoin has the potential to become not just a store of value, but a powerful platform for financial innovation.

Source: https://cointelegraph.com/news/bitcoin-defi-startup-bob-raises-21m-castle-island-anchorage-invest?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound