The 'Build on Bitcoin' (BOB) project, a layer-two (L2) initiative, has successfully raised $10 million in a seed funding round led by Castle Island Ventures.

This significant financial injection is geared towards facilitating the development and deployment of a Bitcoin (CRYPTO:BTC) L2 solution that is compatible with the Ethereum (CRYPTO:ETH) Virtual Machine (EVM).

The primary goal of this endeavor is to foster innovation and creative development across the Bitcoin network, leveraging the capabilities of the EVM to enhance the utility and flexibility of Bitcoin.

This move marks an important step towards bridging the Bitcoin and Ethereum ecosystems, potentially ushering in a new era of interoperability and functionality within the cryptocurrency domain.