Bitcoin yield platform HoneyB developer discloses $5 million seed round at $30 million post-money valuation

October 21 - According to The Block, Nectar Group, the developer of the Bitcoin yield platform HoneyB, disclosed the completion of a $5 million seed round at a $30 million post-money valuation, with investors including Portal Ventures, Peer Venture Partners and Anchorage Digital Ventures. The round was completed in early Q3 of this year.

HoneyB plans to launch services for institutional clients outside the United States in Q4, and expand to retail users in Q1 of next year. The platform intends to borrow stablecoins by collateralizing Bitcoin and then deploy yield strategies, targeting an annualized yield of 2% to 4% after deducting borrowing costs and fees.