Bima Labs Raises $2.25M in Seed Funding Led by Portal Ventures for Bitcoin-Backed Stablecoin USBD

Jul 15, 2024, 06:06 PM

Bima Labs, the developer behind the Bitcoin-backed stablecoin USBD, has successfully raised $2.25 million in a seed funding round. The round was led by Portal Ventures, with participation from Draper Goren Blockchain, Luxor Technology, Sats Ventures, Tim Draper, Alon Goren, and others. The funding round was structured as equity with token warrants. Siddarth Sridhar, the founder and CEO of Bima Labs, announced the raise and highlighted the company's vision for USBD as a universal omni-chain stablecoin on Bitcoin.