The seed round for BEVM's Bitcoin Layer2 has successfully concluded, securing investment from RockTree Capital, Satoshi Lab, and a host of 20 additional backers.
In Brief
At the heart of BEVM's mission is the development of a decentralized BTC Layer2 network that seamlessly aligns with EVM standards, which will enhance Bitcoin's adoption across multiple business landscapes and facilitate the implementation of EVM applications.
The BEVM Bitcoin Layer2 initiative has successfully wrapped up its seed funding round while simultaneously making strides in its Series A funding, amassing tens of millions of dollars in total.
Notable investors participating in the funding include RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, Satoshi Lab, Web3port, Cogitent Ventures, MH Ventures, Mapleblock, Electrum Capital, Zephyrus Capital, Lotus Capital, 7UPDAO, TimeTells, and others. The Series A valuation of BEVM now stands at $200 million, propelling its global expansion and rollout forward.
BEVM This is the inaugural EVM-compatible Bitcoin Layer2 network built using Taproot Consensus, utilizing $BTC as the gas token. The goal is to integrate 10% of $BTC into its Layer2 ecosystem. The BEVM Cannery testnet was launched in July 2023, garnering approximately 100,000 on-chain users, processing over 6 million transactions, and currently hosting more than 30 ecosystem projects. The rollout of BEVM's mainnet is set for March 28.
Gavin Guo, a core architect behind BEVM, stated: 'The development of Taproot Consensus represents the culmination of six years of our team's dedication to exploring Bitcoin Layer2 solutions. The architecture we’ve created is the most inherently decentralized manifestation of Bitcoin’s foundational principles, with a full suite of BEVM products supporting the community through MuSig2 and Bitcoin SPVs. Currently, BEVM stands out as the most decentralized and secure Layer2 solution for Bitcoin available today.'
BEVM has put in place decentralized custody services for Bitcoin across different chains, employing advanced technologies such as Schnorr Signatures, MAST, and Bitcoin SPVs. Looking ahead, they plan to introduce 'BEVM-Stack,' enabling developers to deploy their own 'BTC layer2' solutions with just a single click, alongside the DBFX protocol that facilitates decentralized circulation of $BTC across various chains.
Omer Ozden, Chairman of RockTree Capital, expressed that 'We foresee a significant expansion in the Bitcoin ecosystem in the upcoming years as crypto enthusiasts gravitate toward the most decentralized platforms. Additionally, traditional finance investors managing billions in digital assets will seek the utmost safety in Bitcoin’s chain from a securities law viewpoint. BEVM stands at the forefront of innovative advancements in this sector and has outpaced other Layer2 projects in terms of development and user adoption. It has successfully claimed major technical honors and is gaining considerable traction in the Asian market, an area where we witness exceptional innovation and utilization of Bitcoin.'
The vision of BEVM revolves around creating a decentralized Bitcoin Layer2 compatible with EVM, which will simplify the deployment of various applications within the EVM ecosystem and promote broader Bitcoin usage in a range of commercial environments.
To find out more about BEVM visit www.bevm.io or contact
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