Lombard Raises $16 Million in Series A Round

Headline: Lombard Raises $16M in Series A Round Led by Polychain Capital
Lombard, a Bitcoin restaking protocol, has successfully raised $16 million in a Series A funding round spearheaded by Polychain Capital. The round also saw participation from notable entities such as BabylonChain, Inc., dao5, Franklin Templeton, Foresight Ventures, Mirana, Mantle EcoFund, and Nomad Capital.
The new funds will be used to enhance Lombard’s Bitcoin restaking ecosystem by leveraging Babylon Chain’s staking protocol. This expansion aims to address the increasing demand for crypto staking and restaking within the Bitcoin ecosystem.
Lombard’s primary offering is the LBTC token, which provides a liquid and yield-bearing representation of staked Bitcoin. The LBTC token is backed 1:1 with BTC and can be seamlessly minted across various chains, ensuring liquidity for users.
Additionally, Lombard plans to integrate LBTC into Ethereum DeFi protocols by the end of the year, further extending its reach beyond the Bitcoin ecosystem. Olaf Carlson-Wee, founder of Polychain Capital, emphasized the potential of Lombard to unlock Bitcoin’s latent value and catalyze growth across the broader Blockchain space.