Yield-bearing liquid Bitcoin solution Lombard on Tuesday announced it raised $16m in a funding round led by Polychain Capital.

Joining the round were investors including BabylonChain, dao5, Franklin Templeton, Foresight Ventures, and Mirana Ventures. Crypto exchanges including Bitget, Bybit, and OKX also participated, likely aiming to attract new users by offering this yield-bearing Bitcoin solution.

Founders and executives from Allora, Altlayer, Babylon, BeraChain, Euler, Gearbox, and Pendle also joined the investors. The team has executives with experience in other crypto companies including Argent, Coinbase, and Maple.