On May 8, according to Financewire, Bit Layer2 developer Alpen Labs announced the launch of a stablecoin called "BTD" collateralized by Bit. BTD will be fully over-collateralized with Bit, operating under a neutral protocol, unaffected by governance or speculative tokens, and with unmodifiable code from deployment.
BlockBeats previously reported that on January 13, Alpen Labs completed a strategic financing of $8.5 million, with DBA and Cyber Fun as co-lead investors, and participation from Ribbit Capital, Castle Island Ventures, and Geometry. On April 10, 2024, Alpen Labs completed a financing of $10.6 million, led by Ribbit Capital, with participation from Castle Island Ventures, Robot Ventures, and Axiom Capital.
