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Bitcoin Layer-2 venture BEVM secures $10 million funding

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BEVM, a decentralized EVM-compatible Bitcoin Layer-2 venture primarily based on the Taproot Consensus, has introduced it efficiently raised $10 million in funding from a number of buyers.

Particulars the venture shared early Monday reveal that greater than 20 establishments participated in BEVM’s seed and partial collection A funding rounds.

The funding obtained backing from enterprise capital agency MH Ventures, service provider financial institution and blockchain fund RockTree Capital and crypto VC Waterdrip Capital.

Others are Arkstream Capital, ViaBTC Capital, SatoshiLab, Web3Port and Cogitent Ventures.

The funding rounds have seen the venture’s post- funding valuation rise to $200 million.

At present, we’re excited to announce that 20+ establishments have invested tens of hundreds of thousands in #BEVM seed and partial collection A rounds. The post- funding valuation reached $200M. The funds might be used to make a extra decentralized #Bitcoin ecosystem primarily based on #Taproot Consensus. pic.twitter.com/G11yv56McL

— BEVM (@BTClayer2) March 25, 2024

BEVM eyes development for Bitcoin L2 ecosystem

The previous few months have seen elevated traction for layer-2 community tasks on Bitcoin. This comes because the Ordinals and BRC-20 token normal launched in 2023 picks momentum.

Tasks wish to scale and produce extra effectivity to the legacy blockchain, opening up the L1 blockchain to a brand new period of development.

NFTs, gaming and DeFi are all sectors more likely to explode on the Bitcoin community in coming months and years.

At present, plenty of BRC-20 tokens are seeing traction amid this developments because the sector’s market cap will increase in direction of $3 billion.

See also  Bitcoin ETF approvals within the US increase demand for Crystal Blockchain instruments

BEVM, which makes use of BTC as gasoline, will utilise the funding to develop its actions amid additional decentralization of the Bitcoin ecosystem. As an EVM-compatible protocol, BEVM permits all dApps that may run on Ethereum function on Bitcoin L2s.

Upcoming developments embody a Bitcoin layer-2 as a service platform “BEVM-Stack”. That is focused at serving to the burgeoning L2 ecosystem on Bitcoin, with builders capable of launch purposes with one-click.

BEVM additionally eyes a Decentralized Bitcoin Overseas Change (DBFX) protocol to bridge native BTC into any decentralised finance (DeFi) protocol.

The publish Bitcoin Layer-2 venture BEVM secures $10 million funding appeared first on Invezz

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