WILMINGTON, Del., March 23, 2024 /PRNewswire/ — Bison Labs closed pre-seed funding to pioneer the most trustless on-chain sovereign rollup on Bitcoin. The round was led by Portal Ventures with participation from UTXO, Domo (BRC-20 Creator), Waterdrip Capital, Bitcoin Startup Labs, and others.
Bison Labs Closed Seed funding to spearhead the Bitcoin Renaissance with the most Trustless On-Chain Sovereign Rollup
Lead Investors for Bison Labs
Bison Labs is a sovereign rollup using ZK-proof on Bitcoin with the least trust assumption & highest security on the market. Distinct from existing Layer 2 solutions, Bison Labs prioritizes a trustless system through client-side verification and securing assets in a joint custody DLC, removing the need for external trust assumptions. This method ensures security unless the secret key is compromised.
To date, Bison Labs has already attracted over 15 teams to build on its platform, and is expanding its support to EVM and Rust0 VM, in addition to CairoVM.
Investor confidence in Bison Labs is high, demonstrated by contributions from industry key players like Portal Ventures, UTXO, Waterdrip Capital, Bitcoin Startup Labs, LBank, YBB, Paramita, Satoshi Lab, Domo, Smart Bitcoin Labs and others. This support reflects the market’s belief in Bison Labs’ vision to merge DeFi with Bitcoin, employing sovereign ZK Rollups and Ordinals to enrich the Bitcoin ecosystem.
Bison Labs’ CEO, Jay Lee, emphasized the focus on Bitcoin’s native smart contract ecosystem. In stead of designing the common “multi-sig” approach like many other L2s, Bison’s design approach deliberately eliminated the need for creating a network of nodes to secure the network, which introduces unnecessary trust assumption. Bison Labs sets new security standards via client-side verification to directly inherit Bitcoin base-layer security.
“When Bitcoin L2s proliferate, the key differentiators over time will be the security properties and risk parameters. Losing a BTC just feels different from an altcoin. While in the short term liquidity may rotate from one airdrop-incentivized PoS L2 to another, eventually they settle in where trust assumptions are minimized. This is why we backed Bison Labs.” – Catrina Wang, Partner at Portal Ventures.
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SOURCE Bison Labs
