Binance Labs has announced a strategic investment in BounceBit to further its vision of bolstering Bitcoin staking and CeDeFi infrastructure.
In a blog post published on Thursday, April 11, Binance Co-Founder Yi He emphasized that BounceBit creates new avenues for Bitcoin utility through its fusion of DeFi and CeFi.
Yi He also noted that Binance Labs is constantly looking for innovators who will transform the industry and is interested in watching BounceBit’s growth as they accomplish their mission to enhance Bitcoin via transparent and secure CeDeFi solutions.
BounceBit protocol is Layer 1 blockchain operating a Proof of Staking (PoS) with a dual-token structure. The protocol combines the robust security of the Bitcoin blockchain with full compatibility with the Ethereum Virtual Machine (EVM) to allow validators to stake Bitcoin and BounceBit’s native governance token. BounceBit seeks to improve the blockchain’s operational security and efficiency by restaking Bitcoin all through several systems like oracles and bridges. The protocol combines Ceffu’s Mirror X and off-exchange settlement (OES) solutions to reduce counterparty risks and is dedicated to building a secure environment for Bitcoin engagement in yield-generating operations.
Jack Lu, the Founder and CEO of BounceBit, expressed gratitude for Binance Labs’ support in the early stage of the project. He underscored BounceBit’s focus on CeDeFi and the development of a robust restaking ecosystem.
As of February 2024, BounceBit had reportedly raised $6 million in a seed funding round led by Blockchain Capital and Breyer Capital. The seed round saw participation from prominent entities such as dao5, CMS Holdings, Matrixport Ventures, and others, indicating strong industry support for BounceBit’s vision and objectives. Also, the project had raised $445 million in total value locked within just three weeks of its Early Access launch.
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