PANews reported on March 3 that, according to Forbes, Five Bells, co-founded by former NYDIG and Two Sigma executives, has completed its seed round of financing, led by Ego Death Capital, with participation from Epoch VC, Timechain, and Fulgur Ventures.
Five Bells is building what it calls the "first native Bitcoin DvP settlement layer," designed to address counterparty risk in large-scale institutional Bitcoin transactions. Its solution allows both parties to a transaction to pre-lock settlement terms on-chain, locking up BTC in a custodial-like manner, and automatically completing the settlement upon confirmation of fiat wire transfer or stablecoin payment, thereby eliminating operational friction and settlement costs. The solution is based on the Taproot FROST contract, utilizing the Bitcoin network as a neutral and shared anchor of trust. The company plans to officially launch the service to clients after completing final testing and auditing.
