For Bool, this new investment presents the perfect opportunity for the project to improve the network’s BTCFi capabilities.
Decentralized verification infrastructure provider Bool Network has successfully raised $2 million in a seed funding round. The development was shared in a Thursday announcement on social media platform X, where the Bool team noted seeing encouraging participation from key investors in the just concluded round.
Per the announcement, Bool Network’s seed round was backed by several venture capital (VC) firms. Some of the notable ones include Antalpha Ventures, ViaBTC Capital, Cogitent Ventures, Spark Capital, Web3Port Labs, D11 Labs, Satoshi Lab HK, Sharding Capital, and CKBEcoFund.
With the crop of investors that Bool was able to pull, there appears to be growing confidence from within the industry in the network’s prospects, particularly in terms of unlocking new solutions for Bitcoin holders.
Bool Network to Improve BTCFi Capabilities
Following the successful completion of the round, Bool has shared its plans for the future. The firm believes that the new funds would further help its current infrastructure decentralization efforts. Most especially in the area of its capabilities as far as the Bitcoin financial ecosystem (BTCFi) is concerned.
For Bool, this new investment presents the perfect opportunity for the project to improve the network’s BTCFi capabilities. The official statement reads:
“The funds will be allocated to further development of Bool Network’s decentralized infrastructure, focusing on unlocking the potential of BTCFi.”
For what it might be worth, focusing primarily on developing decentralized finance solutions for Bitcoin holders is not just a random decision for Bool. It is an area that remains largely underexplored within the larger DeFi space.
With this reality in mind, Bool is hoping to leverage Bitcoin’s Taproot upgrade and decentralized hashchain technology (DHC) to provide Bitcoin holders with secure access to DeFi applications.
This means access to stablecoins and other activities such as restaking and bridging assets between chains.
Interestingly, Bool Network is already making a name for itself in the BTCFi space since coming onboard. As a fact, it is actively doing so. The company has over 70 partnerships under its belt, has served more than 1 million users, and processed over 12 million transactions on its testnet.
Furthermore, the platform has handled more than $300 million in transaction volume on its Alpha network.
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