Highlights:
- HTX Ventures invests in Lombard to enhance Bitcoin liquidity through LBTC integration into DeFi protocols.
- LBTC, a liquid representation of Bitcoin, will soon be accessible across major chains and DeFi platforms.
- Lombard’s $16M funding aims to expand the Bitcoin restaking ecosystem using BabylonChain’s staking protocol.
HTX Ventures has strategically invested in Lombard, aiming to revolutionize the Bitcoin ecosystem. HTX Ventures, the global investment arm of Huobi HTX, focuses on investment, incubation, and research to identify promising blockchain projects. To date, HTX Ventures has supported over 300 projects across multiple blockchain sectors, many listed on Huobi HTX. Lombard is a restaking protocol dedicated to promoting the Web3 ecosystem by transforming Bitcoin from a static store of value into a productive financial asset.
Advertisement
🌟We are excited to announce our investment in @Lombard_Finance to develop #Bitcoin Restaking Ecosystem together💪!@Lombard_Finance builds its restaking product #LBTC on top of @babylon_chain, also one of our portfolio.
Read more about the investment👇:https://t.co/lAepqGcXo3
— HTX Ventures (@Ventures_HTX) July 8, 2024
Integration into Mainstream DeFi Protocols
Lombard’s restaking product is built on top of the Bitcoin staking protocol Babylon. It allows Bitcoin to secure other proof-of-stake networks. LBTC, a liquid and yield-bearing representation of BTC, will be integrated into the most popular DeFi protocols on the Ethereum Mainnet. The launch of widely used Layer 2 (L2) chains is scheduled for later this year.
Edward, Managing Partner at HTX Ventures, stated:
Liquid restaking is the next revolution for the Bitcoin ecosystem, and Lombard is the project driving this transformation. Lombard is rapidly expanding to onboard the LBTC token onto major ecosystems and DeFi protocols. This will enable Bitcoin to be lent, borrowed, and traded, unlocking tremendous utility for Bitcoin holders and revitalizing the BTC ecosystem. HTX Ventures is incredibly excited to partner with Lombard to empower Bitcoin holders and the broader BTC ecosystem.
Expanding Bitcoin’s Utility
Lombard’s protocol aims to significantly boost Bitcoin’s utility by allowing LBTC to move seamlessly across chains and DeFi platforms as collateral without compromising security. Jacob Phillips, Co-founder of Lombard, remarked,
The development of LBTC as a core component of the blockchain ecosystem is crucial. With HTX Ventures, LBTC will unlock massive net new capital into the ecosystem and bring new liquidity and users to DeFi protocols and exchange platforms. HTX Ventures shares Lombard’s mission to accelerate on-chain finance, and we look forward to building on these synergies to accelerate the growth of LBTC.
LBTC will soon be accessible to all and supported by various chains and DeFi protocols. Additionally, prospective users can join the LBTC Waitlist for exclusive access and early participation rewards.
Lombard Raises $16M to Boost Bitcoin Restaking Ecosystem
Lombard plans to use the $16 million raised in its recent seed round to expand the Bitcoin restaking ecosystem. The round was led by Polychain Capital, with participation from BabylonChain, dao5, Franklin Templeton, Foresight Ventures, Mirana, Mantle EcoFund, and Nomad Capital.
Lombard offers a liquid and yield-bearing representation of staked Bitcoin through the LBTC token. Furthermore, this token will integrate across Ethereum DeFi protocols by the end of the year. The company leverages BabylonChain’s Bitcoin staking protocol to enhance liquidity and security.
Lombard is excited to announce our $16M seed round to kick-start the Bitcoin restaking ecosystem led by @polychain!
With additional participation from @babylon_chain, @daofive, @FTI_Global, @ForesightVen, @mirana, @0xMantleEco Fund, @NomadCapital_io, @OKX_Ventures, and… pic.twitter.com/QOlsrlQcz5
— Lombard (@Lombard_Finance) July 2, 2024
David Tse, Co-Founder of BabylonChain, commented, “Lombard’s cross-chain LBTC product taps into parked Bitcoin liquidity, enhancing the supply-side into Babylon’s Bitcoin staking protocol.”
The investment highlights the growing interest in Bitcoin as a decentralized application (dApp) ecosystem, driven by the rise of staking and restaking protocols. Lombard aims to expand its services beyond Bitcoin, integrating LBTC into Ethereum DeFi protocols.
Learn More
- Next Cryptocurrency to Explode in July 2024
- Crypto Price Predictions
- Best Solana Meme Coins to Buy In 2024
- Japan’s Crypto Trading Users Set to Reach 500,000 in 2024
- Ether.fi Price Surges 6% Following ETHFI Token Purchase and New Staking Contract Announcement
Advertisement
