Bitcoin re-staking protocol Lombard completes $16 million seed round of financing, led by Polychain Capital

Odaily News Bitcoin re-pledge protocol Lombard has completed a $16 million seed round of financing, led by Polychain Capital, with participation from BabylonChain, Inc., dao5, Franklin Templeton, Foresight Ventures, Mirana Ventures, Mantle EcoFund and Nomad Capital. Lombard will use this financing to develop the Bitcoin re-pledge ecosystem and promote the subsequent development of the Bitcoin pledge protocol Babylon. Once a user pledges Bitcoin through Babylon, Lombard will use the token LBTC to issue liquidity and income representation of the pledged Bitcoin to unlock liquidity. According to official news, Lombard intends to integrate LBTC into the Ethereum DeFi protocol later this year. (TheBlock)