invezz.com
25 March 2024 14:16, UTC
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.
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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
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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