Berachain, a Toronto, CA-based provider of an EVM-compatible layer 1 blockchain, raised $100M in Series B funding.
The round was led by Brevan Howard Digital, and Framework Ventures, with participation from Polychain Capital, Hypersphere Ventures, Nomad Capital, Arrington Capital, Samsung Next, Amber Group, Cypher Capital, Hack VC, Tribe Capital, Laser Digital by Nomura Group, Hashkey Capital, Rubik VC and angel investors including Feng Bo, Sandeep Nailwal, Antony Lewis, and Yat Siu.
The company intends to use the funds to to bolster its ecosystem growth initiatives and engineering resources, with a particular focus on international expansion and corporate development. The team has plans to grow its global presence with a focus on Hong Kong, Singapore, South East Asia, LatAm and Africa, adding to existing markets in China, India, Korea and Dubai.
Berachain aims to develop a blockchain ecosystem that aligns incentives for security and liquidity at the network level, allowing the liquidity present on the network to also serve as a source of security. The blockchain’s novel “Proof of Liquidity” consensus mechanism gives application developers an incentive to build and grow on Berachain. From a technical perspective, it enables network validators to direct their block rewards to applications building on Berachain, which includes them in the financial upside of the network and encouraging them to live and thrive in the ecosystem. The distribution of these incentives is fully determined by the liquidity providers on the chain, meaning the normal users who have contributed the most value to the network (in the form of their liquidity) have the influence in the network’s direction, and its applications’ economic incentives.
FinSMEs
15/04/2024