BEVM, a Singapore-based Bitcoin Layer2 project, announced the completion of its seed round, and also a part of its Series A round, raising tens of million USD.
The 20+ investors included RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, Satoshi Lab, Web3port, Cogitent Ventures, MH Ventures, Mapleblock, Electrum Capital, Zephyrus Capital, Lotus Capital, 7UPDAO, TimeTells plus others.
The project Series A valuation reached $200m and aims to accelerate its international development and roll-out.
Led by Gavin Guo, Core Builder, BEVM is an EVM-compatible Bitcoin Layer2 network built on Taproot Consensus. It uses $BTC as gas, aiming to bring 10% of $BTC into its Layer2 network environment. BEVM’s testnet Canary network went live in July 2023, which to date has nearly 100,000 on-chain users, processed over 6 million transactions and currently has more than 30 ecosystem projects.
BEVM, whose mainnet is scheduled to launch on March 28th, has already implemented decentralized Bitcoin cross-chain custody services through Schnorr Signature, MAST and Bitcoin SPVs. In the future, BEVM will also launch “BEVM-Stack” to help developers launch ‘BTC layer2’ with one click; and will launch the DBFX protocol to allow $BTC to circulate on any chain in a decentralized manner.
The BTC EVM is the primary vision of BEVM, building a decentralized BTC Layer2 compatible with EVM allows deployment of various EVM ecosystem applications on BEVM, increasing Bitcoin usage and commercial scenarios.
FinSMEs
29/03/2024