BEVM Completes Seed Round and Series A Funding, Accelerating Bitcoin Layer2 Development
Singapore, Singapore, March 27, 2024 (GLOBE NEWSWIRE) — The Bitcoin Layer2 project BEVM has announced the successful completion of its seed round and a portion of its Series A round, raising tens of million USD. The project has attracted over 20 investors, including prominent names such as RockTree Capital, Waterdrip Capital, and Arkstream Capital, among others.
With a Series A valuation reaching $200 million, BEVM is set to accelerate its international development and roll-out. The project is the first EVM-compatible Bitcoin Layer2 network built on Taproot Consensus, utilizing $BTC as gas to bring 10% of Bitcoin into its Layer2 network environment.
BEVM’s testnet Canary network, which went live in July 2023, has already garnered nearly 100,000 on-chain users, processed over 6 million transactions, and boasts more than 30 ecosystem projects. The mainnet launch is scheduled for March 28th.
Gavin Guo, Core Builder of BEVM, expressed his excitement about the project, stating, “BEVM architecture is the most native and decentralized implementation of Bitcoin primitive & ethos into a Layer2, with the complete BEVM product shipped to the community based on MuSig2 + Bitcoin SPVs. BEVM is currently the most decentralized and secure BTC Layer2 solution.”
BEVM has also implemented decentralized Bitcoin cross-chain custody services through Schnorr Signature, MAST, and Bitcoin SPVs. Future plans include launching “BEVM-Stack” to simplify the deployment of BTC Layer2 for developers and introducing the DBFX protocol to enable decentralized circulation of $BTC on any chain.
Omer Ozden, Chairman of RockTree Capital, highlighted the potential for significant scaling in the Bitcoin ecosystem space, with BEVM leading the way in innovation and development. He emphasized the project’s traction in the Asian market and its advanced technical capabilities compared to other Layer2 solutions.
The BTC EVM is at the core of BEVM’s vision, aiming to increase Bitcoin usage and commercial scenarios by providing a decentralized BTC Layer2 compatible with EVM. For more information about BEVM, visit www.bevm.io or contact business@bevm.io.
Source: BEVM
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