BOB’s Mission to Center Bitcoin in DeFi
Hybrid layer-2 network BOB is on a transformative journey to position Bitcoin as the cornerstone of the decentralized finance (DeFi) ecosystem. This ambitious initiative is further bolstered by its recent integration with Fireblocks, a prominent crypto custody firm.
This integration allows over 2,000 entities currently utilizing Fireblocks to tap into BOB’s burgeoning DeFi ecosystem, which boasts a total value locked (TVL) of approximately $250 million. Users can now effortlessly earn yield on their Bitcoin (BTC) holdings through BOB’s network, a development announced on Monday in a communication shared with CoinDesk.
BOB, which stands for “Build on Bitcoin”, aspires to establish Bitcoin as the foundational network for DeFi. By bridging connections to various other blockchains, BOB aims to utilize Bitcoin as a settlement network to finalize transactions efficiently.
Fireblocks, a leading name in crypto custody, is known for securing more than $7 trillion in digital asset transactions and serves a diverse clientele that includes many large institutions. This partnership signifies a pivotal step in enhancing the accessibility and functionality of Bitcoin within the decentralized finance landscape.
