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Finance

BOB, a 'Hybrid' Layer-2 Blockchain Mixing Bitcoin and Ethereum, Raises $10M

The fundraising round was led by Castle Island Ventures and included participation from Mechanism Ventures, Bankless Ventures, CMS Ventures and UTXO Management

By Jamie Crawley
AccessTimeIconMar 27, 2024 at 4:00 p.m. UTC
Updated Mar 28, 2024 at 3:10 p.m. UTC
BOB team (BOB)
BOB team (BOB)
  • BOB's ("Build on Bitcoin") aim is to roll out the first Bitcoin layer-2 network that's compatible with the Ethereum Virtual Machine (EVM) standard.
  • The seed round was led by Castle Island Ventures.

BOB, a hybrid layer-2 network – connected to the Bitcoin blockchain, but with Ethereum compatibility – has raised $10 million in seed funding.

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    • The round was led by Castle Island Ventures and included participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, along with angel investors Dan Held and Domo, creator of the BRC-20 token standard.

    BOB's aim is to roll out the first Bitcoin layer 2 with Ethereum Virtual Machine (EVM) compatibility. EVM is Ethereum’s native processing system that allows developers to create smart contracts. The name BOB is an acronym for "Build on Bitcoin."

    Bringing Ethereum-style contracts to Bitcoin is seen as something of a sticky wicket due to concerns that the computations would place a strain on the network and degrade performance for other users.

    However, the spirit of developing atop Bitcoin received some fresh impetus last year through the BitVM proposal, as laid out in a whitepaper in October. Under BitVM, computations would be performed off-chain and then verified on-chain, similar to the mechanics of optimistic rollups on Ethereum, meaning there would be no risk of clogging up the network at other users' expense.

    Read More: Satoshi-Era Bitcoin Function 'OP_CAT' Dusted Off as Development Fervor Grows




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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter