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BEVM, a decentralized EVM-compatible Bitcoin Layer-2 project based on the Taproot Consensus, has announced it successfully raised $10 million in funding from several investors.
Details the project shared early Monday reveal that more than 20 institutions participated in BEVM’s seed and partial series A funding rounds.
The funding received backing from venture capital firm MH Ventures, merchant bank 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 project’s post- investment valuation rise to $200 million.
Today, we are excited to announce that 20+ institutions have invested tens of millions in #BEVM seed and partial series A rounds. The post- investment valuation reached $200M. The funds will be used to make a more decentralized #Bitcoin ecosystem based on #Taproot Consensus. pic.twitter.com/G11yv56McL
— BEVM (@BTClayer2) March 25, 2024
BEVM eyes growth for Bitcoin L2 ecosystem
The past few months have seen increased traction for layer-2 network projects on Bitcoin. This comes as the Ordinals and BRC-20 token standard introduced in 2023 picks momentum.
Projects are looking to scale and bring more efficiency to the legacy blockchain, opening up the L1 blockchain to a new era of growth.
NFTs, gaming and DeFi are all sectors likely to explode on the Bitcoin network in coming months and years.
Currently, a number of BRC-20 tokens are seeing traction amid this developments as the sector’s market cap increases towards $3 billion.
BEVM, which uses BTC as gas, will utilise the funding to expand its activities amid further decentralization of the Bitcoin ecosystem. As an EVM-compatible protocol, BEVM allows all dApps that can run on Ethereum operate on Bitcoin L2s.
Upcoming advancements include a Bitcoin layer-2 as a service platform “BEVM-Stack”. This is targeted at helping the burgeoning L2 ecosystem on Bitcoin, with developers able to launch applications with one-click.
BEVM also eyes a Decentralized Bitcoin Foreign Exchange (DBFX) protocol to bridge native BTC into any decentralised finance (DeFi) protocol.
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