BOB, a 'Hybrid' Layer-2 Blockchain Mixing Bitcoin and Ethereum, Raises $10M
Summary
BOB, a hybrid layer-2 network built on the Bitcoin blockchain with Ethereum compatibility, has secured $10 million in seed funding. The investment round was led by Castle Island Ventures and saw participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, and angel investors Dan Held and Domo. BOB aims to introduce the first Bitcoin layer 2 with Ethereum Virtual Machine (EVM) compatibility, allowing for the creation of smart contracts. Despite concerns about potential network strain, the BitVM proposal suggests off-chain computations verified on-chain to prevent network clogging.
