Wednesday, April 24, 2024
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[Funding Alert] BEVM secures tens of million USD in seed and also its Series A Round Funding

BEVM, a Bitcoin Layer 2 project based in Singapore, has raised tens of millions of dollars by announcing the conclusion of both its seed and a portion of its Series A rounds.

Electrum Capital, Zephyrus Capital, Lotus Capital, 7UPDAO, TimeTells, Cogitent Ventures, Mapleblock, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, Satoshi Lab, Web3port, and more were among the more than twenty investors.

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With a $200 million Series A valuation, the initiative seeks to expedite its global development and launch.

BEVM, a Taproot Consensus-based EVM-compatible Bitcoin Layer 2 network, is led by Core Builder Gavin Guo. It employs 10% of $BTC in its Layer 2 network environment, using $BTC as gas. In July 2023, it’s testnet Canary network went online. As of right now, it has over 30 ecosystem projects running on it, over 100,000 on-chain users, and has handled over 6 million transactions.

It has already established decentralized Bitcoin cross-chain custody services with Schnorr Signature, MAST, and Bitcoin SPVs; the mainnet is expected to go live on March 28. In the future, it plans to introduce “BEVM-Stack,” which will assist developers in launching “BTC layer2” with only a single click, as well as the DBFX protocol, which will enable decentralized $BTC circulation on any chain.

Read also – Kemet Financial Technologies secures a $5 Million in Funding

The main goal of BEVM is to create a decentralized BTC Layer2 that is compatible with the EVM. This will enable the deployment of different EVM ecosystem applications on BEVM, which will increase the use of Bitcoin and its potential for commercial applications.

About BEVM

BEVM is the first fully decentralized Bitcoin L2 that uses Bitcoin as Gas and is compatible with EVM. It enables all DApps to function on Bitcoin L2 that are compatible with the Ethereum ecosystem.

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