Bimalabs, Developer of the Bitcoin-based Stablecoin USBD, Raises $2.25 Million in Seed Funding

Bimalabs, Developer of the Bitcoin-based Stablecoin USBD, Raises $2.25 Million in Seed Funding

Bimalabs, the developer of the Bitcoin-based stablecoin USBD, has announced that it has raised $2.25 million in seed funding. The funding round was led by Portal Ventures and participated by LuxorTech, CoreDAO, and others. The company’s valuation was not disclosed. The funding will be used to develop Bimalabs' product, a Bitcoin-based stablecoin that is designed to be more stable than other stablecoins. USBD is backed by a basket of assets, including Bitcoin, Ethereum, and USD Coin. This diversification helps to reduce the risk of the stablecoin losing its peg to the US dollar. Bimalabs' team has a deep understanding of the Bitcoin and stablecoin markets. The company's CEO, Max Mckeown, is a former Goldman Sachs trader. The company's CTO, Alex McCurry, is a former engineer at Coinbase. Bimalabs is one of a number of companies that are developing Bitcoin-based stablecoins. These stablecoins have the potential to make Bitcoin more accessible to a wider range of users. They can also be used to develop new financial products and services. The seed funding round is a significant milestone for Bimalabs. It will allow the company to continue developing its product and bring it to market.