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

In the dynamic world of blockchain technology, BOB, acronym for Build on Bitcoin, has recently achieved a significant milestone by securing a successful seed funding round of $10 million. AlphaFund, known for partnering with venture capital firms across North America and interviewing founders from various industries, sat down with the team of BOB. In this exclusive interview, we explore the intricacies of their seed funding success, the company’s objectives, and the future that lies ahead.

Interview with the team of Build on Bitcoin (BOB)

**Q1:** Can you introduce BOB and share what led to the successful closure of your seed funding round?

**A1:** BOB is a novel concept in the blockchain domain that aims to create a hybrid layer-2 network combining the best of Bitcoin and Ethereum by leveraging the Ethernet Virtual Machine (EVM) standard. The successful closure of our seed funding round has been due to the recognition of this unique approach, which we believe can drive innovation in the blockchain paradigm.

**Q2:** Congratulations on raising $10M in your seed round. How does this financial milestone align with BOB’s goals?

**A2:** Thanks a lot! This funding significantly bolsters our capability to roll out the first Bitcoin layer-2 network that’s compatible with the EVM standard, effectively allowing Ethereum-style smart contracts to operate atop the Bitcoin blockchain. This direction aligns perfectly with our goal to extend the functionalities of Bitcoin without compromising its robust network.

**Q3:** Who were the key investors or venture capital firms in this seed round, and what drove them to invest in BOB?

**A3:** We were fortunate to partner with Castle Island Ventures, Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Management, and angel investors like Dan Held and Domo for our seed round. Their belief in our project primarily stems from our disruptive approach to combining Bitcoin and Ethereum, two of the most prominent networks in the blockchain ecosystem.

**Q4:** Operating within the blockchain industry, how does BOB aim to impact this sector?

**A4:** Our aim with BOB is to revolutionize smart contract development and usage by enabling them on the Bitcoin blockchain. This compatibility between the Bitcoin and Ethereum networks could lead to an entirely new wave of decentralized applications and use cases. We believe our approach could significantly broaden the blockchain industry’s horizons and lead to its expansion.

**Q5:** With the seed funding secured, what are the main objectives or plans for utilizing this capital?

**A5:** The funding we’ve secured will primarily be directed towards research & development, ensuring we successfully realize our vision of merging Bitcoin and Ethereum’s functionalities. We’ll also use funds to boost manpower, fostering collaborations with more blockchain communities, and getting more developers on board to explore and utilize BOB.

**Q6:** Could you share some significant milestones or achievements of BOB that were pivotal in securing this seed funding?

**A6:** The development and presentation of the BitVM proposal was indeed a pivotal milestone. This

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