Nubit: A new engine for the Bitcoin ecosystem, completes $8 million in seed round financing

Nubit is a scalable Bitcoin-native data availability layer, secured by Bitcoin. Nubit is able to expand Bitcoin's data capacity without compromise, powering applications such as Ordinals, Layer 2, Price Oracles, and Indexers, thereby expanding the scope and efficiency of the Bitcoin ecosystem. It inherits the fully censorship-resistant nature of Bitcoin using innovative consensus algorithms and the Lightning Network.

The team members mainly include Yu Feng (co-founder and CEO), Liu Hanzhi (co-founder), and Wen Hongbo (co-founder).

Polychain leads $8 million seed round for Nubit

Nubit has successfully completed an $8 million seed round led by Polychain Capital. This investment brings Nubit's total financing to $12 million.

Other participants in this round include Nomad Capital, Spartan Group, L2IV, Big Brain Holdings, GCR, Protagonist, Gate Ventures, Animoca, and Mask Network. This diverse support highlights the confidence in Nubit's potential.

Nubit Development History

Nubit was founded by Yu Feng, a professor at the University of California, Santa Barbara, to develop the most secure and scalable data availability (DA) layer for the multi-chain ecosystem. The technology supports applications such as AI, SocialFi and GameFi.

Nubit integrates the research results of the past decade to advance the scalability of blockchain. By leveraging the economic security of Bitcoin and adopting zero-knowledge technology, Nubit ensures security and scalability.

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Nubit has integrated with major players such as Babylon, BounceBit, Unisat, and Merlin Chain. The company is also developing programmable, modular, and trustless execution layers for meta-protocols such as BRC-20 and Runes.

Nubit extends its support to major Layer 2 frameworks, including Polygon CDK, OP Stack, Arbitrum Orbit, and Scroll. This makes it a versatile data availability solution across multiple blockchain ecosystems.

Nubit Expects Alpha Testnet Launch in June

In April 2024, Nubit launched its pre-Alpha testnet, which attracted more than 155,000 users and processed more than 500,000 transactions. The Alpha testnet is scheduled to launch in June, ahead of the mainnet launch later this year.

Nubit's other financing

• On January 4, 2024, Nubit completed its first angel round of financing. This funding marks a key moment for the startup, enabling it to launch innovative products designed to significantly reduce Bitcoin transaction costs.

• On March 26, 2024, Nubit has successfully completed a $3 million pre-seed financing, with participation from well-known investors such as dao5, OKX Ventures, and Primitive Ventures. This funding marks a key step in Nubit's mission to build the first Bitcoin native data availability layer and promote the development of the Bitcoin ecosystem.