PANews reported on February 29 that according to The Block, Bitcoin pledge chain BounceBit completed a $6 million seed round of financing, led by Blockchain Capital and Breyer Capital, with participation from dao5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, DeFiance Capital and HTX Ventures, and individual investors including Calvin Liu, Chief Strategy Officer of EigenLayer. The structure of this round of financing is a simple future equity agreement (SAFE) with token warrants, but the valuation was not disclosed.

It is reported that BounceBit is the sister company of token launch platform Bounce Finance and was established in December last year. BounceBit is a Bitcoin re-mortgage protocol that is currently in early access mode. The company claims that more than $545 million in total value has been locked in more than a month since the early access was launched on January 23. Jack Lu, founder and CEO of BounceBit, said that BounceBit will build a lot of infrastructure to explore various types of use cases for Bitcoin re-mortgage.