The Bitcoin re-staking protocol Lombard has completed a $16 million seed round financing, led by Polychain Capital.

Sep 12, 2024 03:45:14

according to The Block, the Bitcoin re-staking protocol Lombard has completed a $16 million seed round financing, led by Polychain Capital.

Lombard will use this funding to expand its Bitcoin re-staking ecosystem and develop alongside the Bitcoin staking protocol Babylon. Lombard releases liquidity by issuing a liquidity and yield-generating staked Bitcoin token, LBTC.

Additionally, the Web3 asset data platform RootData shows that Lombard was established in April 2024, dedicated to unlocking the potential of Bitcoin as a dynamic financial tool by connecting Bitcoin with DeFi. Lombard enables yield-generating BTC to move across chains without fragmenting liquidity, paving the way to become the largest catalyst for bringing net new capital into DeFi. Its flagship product, LBTC, is a yield-bearing, cross-chain, highly liquid Bitcoin backed 1:1 by BTC.

(Source)