Stablecoin developer Bima Labs has completed a $2.25 million seed round financing, led by Portal Ventures.

ChainCatcher news, stablecoin developer Bima Labs has completed a $2.25 million seed round financing, led by Portal Ventures, with participation from Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO, Halo Capital, Ryan Fang from Ankr, Brian Crain from Chorus One, Jeffrey Feng from Sei Labs, and Smokey from Berachain.

Bima has developed USBD, a stablecoin backed by Bitcoin, which can be minted by providing Bitcoin liquidity staking and re-staking tokens as collateral. Bima stated that it will accept collateral from multiple blockchains, including Bitcoin, Bitcoin scaling networks, Ethereum Virtual Machine (EVM) compatible networks, and Solana.