Distributed Crafts secures £7.9m in seed funding led by Castle Island Ventures to launch its hybrid Layer-2 network.
The seed round was led by Castle Island Ventures to support the rollout of a hybrid Layer-2 network powered by Bitcoin and Ethereum.
Distributed Crafts operates BOB, a hybrid Layer-2 network powered by Bitcoin and Ethereum. The platform aims to bridge the security of Bitcoin with the infrastructure of the Ethereum Virtual Machine.
Distributed Crafts, known for its Build on Bitcoin project, has secured £7.9m in seed funding. The round was led by Castle Island Ventures, with participation from a broad group of backers including Mechanism Ventures and Bankless Ventures. The capital will support the rollout of the hybrid Layer-2 network and foster a decentralized application ecosystem on Bitcoin.
The initiative aims to combine the security of Bitcoin with Ethereum Virtual Machine compatibility. The company recently partnered with Anduro and plans to launch the initial phase of its Fusion programme to engage early users.
From the founder
"We’re thrilled to have the support of such esteemed investors who share our vision for the future of Web3 innovation by combining the best of Bitcoin and Ethereum."
Alexei Zamyatin
Co-Founder at Distributed Crafts
Investors
Castle Island Ventures
Mechanism Ventures
Bankless Ventures
CMS Ventures
UTXO Management
Asymmetric
Antalpha
Web3.com Ventures
BTC Frontier Fund
Zeeprime
Dan Held
Domo
Categories
About the company
Distributed Crafts
Distributed Crafts develops a hybrid Layer-2 network powered by Bitcoin and Ethereum.