Lombard Raises $16 Million to Build the Bitcoin Staking Ecosystem

IconCryptoNewsTerminal Staff02 Jul, 2024

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Lombard Raises $16 Million to Build the Bitcoin Staking Ecosystem

Lombard, a Bitcoin (BTC) restaking protocol, has raised $16 million in a seed funding round. The funding round was led by Polychain Capital and saw participation from Babel Finance, Dao5, Franklin Templeton, Foresight Ventures, Mirana Ventures, MNTL Ecofund, and Nomad Capital. The funds raised will be used to build the BTC staking ecosystem. Lombard is a decentralized protocol that allows users to restake their BTC and earn rewards. Reststaking is a process of staking BTC in a decentralized manner, which allows users to earn rewards without having to lock their BTC for a set period of time. Lombard's protocol is designed to be secure and efficient, and it allows users to stake their BTC with a variety of validators. The seed funding round will allow Lombard to continue to develop its protocol and expand its team. The company is also planning to launch a new product that will make it easier for users to restake their BTC. With the increasing popularity of BTC staking, Lombard is well-positioned to play a major role in the growth of the BTC staking ecosystem.

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