BEVM Secures Millions in Seed and Series A Funding to Accelerate Bitcoin Ecosystem Innovation

BEVM, a Bitcoin Layer2 network, has concluded its seed and a portion of its Series A funding rounds, raising tens of millions USD. With a Series A valuation of $200 million, BEVM is poised for international expansion. Its testnet Canary network, launched in July 2023, boasts nearly 100,000 on-chain users and over 6 million transactions processed. BEVM's mainnet launch is scheduled for March 28th.

Bitcoin Layer2 Project BEVM Secures Tens of Millions USD in Seed and Series A Funding

New York, NY – March 14, 2024 – BEVM, an innovative Bitcoin Layer2 project, has successfully concluded its seed round and a portion of its Series A round, raising tens of millions USD from over 20 esteemed investors.

The investment round was led by a consortium of prominent venture capital firms, including RockTree Capital, Waterdrip Capital, Arkstream Capital, and ViaBTC Capital. Other notable investors include Satoshi Lab, Web3port, Cogitent Ventures, MH Ventures, Mapleblock, Electrum Capital, Zephyrus Capital, Lotus Capital, 7UPDAO, and TimeTells.

With a pre-Series A valuation of $200 million, BEVM's Series A funding will accelerate its international development and global roll-out.

BEVM is a groundbreaking EVM-compatible Bitcoin Layer2 network built upon the Taproot Consensus mechanism. Its unique architecture allows users to pay gas fees in BTC, leveraging the security and decentralization of the Bitcoin blockchain. BEVM's mission is to bridge the gap between Bitcoin and Ethereum, enabling the seamless integration of EVM-based applications and smart contracts with the Bitcoin ecosystem.

Since the launch of its Canary network in July 2023, BEVM has rapidly gained traction. The network currently hosts nearly 100,000 on-chain users, has processed over 6 million transactions, and boasts an ecosystem of over 30 projects. The highly anticipated mainnet launch is scheduled for March 28th.

Dr. Gavin Guo, Core Builder of BEVM, expressed his enthusiasm: "Taproot Consensus is the culmination of six years of research and development dedicated to developing a secure and decentralized Bitcoin Layer2 solution. BEVM's architecture meticulously embodies the ethos of Bitcoin and leverages MuSig2 and Bitcoin SPVs to deliver a truly decentralized layer2. We believe BEVM represents the most advanced and robust BTC layer2 solution available today."

BEVM's capabilities extend beyond EVM compatibility. Through the implementation of Schnorr Signature, MAST, and Bitcoin SPVs, it has already realized decentralized Bitcoin cross-chain custody services. In the near future, BEVM plans to introduce "BEVM-Stack," a comprehensive suite of tools that will empower developers to launch BTC layer2 applications with minimal effort. Additionally, the development of the DBFX protocol will enable $BTC to circulate seamlessly across multiple chains in a decentralized manner.

Omer Ozden, Chairman of RockTree Capital, shared his insights: "We firmly believe that Bitcoin's ecosystem is poised for significant growth as both crypto enthusiasts and institutional investors seek the unparalleled security and decentralization it offers. BEVM stands as a transformative innovation in this space. It has demonstrated exceptional technological prowess and has garnered substantial user adoption in the Asian market, a region renowned for its Bitcoin ecosystem innovation. We are confident that BEVM's advanced development and proven traction will continue to drive its success in the global market."

The integration of EVM compatibility into BEVM enables the seamless deployment of various EVM ecosystem applications, expanding Bitcoin's utility and fostering a vibrant ecosystem of commercial applications.

To learn more about BEVM, visit their official website.