Bima Labs, the developer of the Bitcoin-backed stablecoin USBD, has emerged from stealth, raising $2.25 million in a seed funding round.

Portal Ventures led the round, with Draper Goren Blockchain, Sats Ventures, Luxor Technology, CoreDAO, and Dan Tapiero's Halo Capital participating, Bima Labs said Monday. Angel investors, including Ryan Fang of Ankr, Brian Crain of Chorus One, Jeffrey Feng of Sei Labs and Smokey of Berachain, also joined the round.

Bima was founded in April, began raising funds then, and closed the round within three months, founder and CEO Siddarth Sridhar told The Block. Sridhar said the round was structured as equity with token warrants. He declined to comment on the valuation.

What is Bima Labs?

Bima has developed USBD, a Bitcoin-backed stablecoin, which can be …