Merlin Chain, a Singapore-based company providing a Bitcoin Layer 2 solution, raised an undisclosed amount in funding.
The round was led by Spartan Group and Hailstone Labs with participation from Amber Group, Presto Labs, and IOBC Ventures.
The company intends to use the funds to continue to expand its development efforts.
Merlin Chain is a Bitcoin Layer 2 solution that facilitates secure transactions within the Bitcoin ecosystem. It is designed to enhance Bitcoin’s usability while maintaining the highest security standards. It utilizes zero-knowledge (ZK) proofs, a form of cryptographic security that allows transaction verification without revealing any underlying data. This method, combined with Bitcoin’s Taproot upgrade, enhances privacy and efficiency. Taproot simplifies complex transactions on the Bitcoin network by merging multiple signatures into a single transaction, reducing the data needed and ensuring transactions are more private.
FinSMEs
17/04/2024