This startup offers a bitcoin-backed stablecoin for decentralized finance, enabling users to mint stablecoins by collateralizing liquid staking and restaking tokens from various blockchains. This provides a stable, collateralized digital currency option within the DeFi ecosystem.
Funding
$2.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
PVFounders
Product
Problem
Bitcoin holders have limited opportunities to generate yield from their assets within the DeFi ecosystem, often requiring them to sell their Bitcoin or use wrapped versions on other blockchains. Existing Bitcoin-backed stablecoin models offer limited investment options and may not fully leverage the potential of Bitcoin derivatives for capital efficiency.
Solution
Bima provides a DeFi ecosystem that enables users to mint USBD, a stablecoin over-collateralized by Bitcoin derivatives, and access institution-grade yield strategies without selling their Bitcoin. Users can stake BTC to receive liquid staking tokens (LSTs), deposit these LSTs into Bima Vaults with varying risk-reward profiles, and mint USBD. The minted USBD can then be used for lending, borrowing, and providing liquidity in DeFi applications, allowing users to earn additional rewards and maximize capital efficiency.
Target Audience
Bima targets professional and retail investors seeking permissionless access to institution-grade yield strategies on their Bitcoin holdings, as well as institutions looking for compliant, composable infrastructure for Bitcoin-backed products.
Features
- USBD stablecoin backed by Bitcoin derivatives, optimizing capital efficiency and scalability
- Bima Vaults offering varied risk-reward profiles, from 15% low-volatility to 60% high-volatility APY
- Yield rewards in Bitcoin and other crypto assets, varying by vault strategy
- Support for multiple blockchain networks, including Bitcoin, Ethereum Virtual Machine (EVM) compatible networks, and others
- Over-collateralized vaults, automated liquidity mechanisms, stability fees, and decentralized price oracles to maintain USBD stability
- Integration with DeFi platforms like Curve and Convex Finance to enhance the utility and liquidity of USBD
- Rigorous security audits and cold storage for reserves