Bitcoin Layer2 BEVM Receives Investment from Bitmain
In Brief
As the first EVM-compatible Bitcoin L2 network to be developed under the Taproot Consensus, BEVM utilizes BTC for transaction fees. By harnessing advanced Bitcoin technologies, including Schnorr Signature, MAST, and the Bitcoin Light Node Network, it successfully establishes a fully decentralized BTC cross-chain operation. This innovative integration paves the way for BTC to be utilized across a wider array of applications, enhancing authentic BTC liquidity flow.
The BTC Layer2 initiative BEVM has officially announced that it has received funding from Bitmain, the leading entity in the global cryptocurrency mining hardware sector. The exact investment amount has yet to be revealed.
Having been established in 2013, Bitmain continues to be a formidable player in the field of digital asset mining equipment production. At one point, its Bitcoin mining machines held an impressive share of over 70% in the global marketplace. This investment marks Bitmain's first foray into the Bitcoin Layer2 sector.
Gavin Guo, Core Builder of BEVM The foundation has stated, \"Moving forward, BEVM aims to investigate Bitcoin’s hashrate and the utility of the PoW ecosystem on its platform. This could facilitate the transit of trillions of dollars worth of PoW hashrate assets and a significant amount of $BTC into BEVM, which will broaden financial applications within the BTC Layer2 environment and enhance overall liquidity.\" Bitmain BEVM stands at the forefront as the first EVM-compatible Bitcoin L2 network, leveraging the Taproot Consensus while employing BTC as its fuel. By using essential Bitcoin technologies—a combination of Schnorr Signature, MAST, and the Bitcoin Light Node Network—it successfully offers a fully decentralized cross-chain experience, fostering seamless integration of BTC into a wide range of applications and ensuring real BTC liquidity circulation.
After launching its mainnet on March 28, BEVM now boasts over 700,000 user addresses and is home to more than 30 ecosystem projects. Furthermore, it has recently confirmed raising tens of millions of dollars in funding from investors like RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, among nearly 20 other entities, which has culminated in a post-investment valuation of $200 million for the company.
For additional details about BEVM, kindly visit their official site. Please remember, the content on this page should not be construed as legal, tax, investment, or financial advice in any form. Always invest wisely, ensuring you only allocate what you can afford to lose. For guidance, we recommend consulting the terms and support pages offered by the issuer or advertiser. MetaversePost is committed to providing accurate and fair reporting; however, market conditions can change unexpectedly. announced Meet Gregory, a digital nomad from Poland who wears many hats, including that of a financial analyst and contributor for various online publications. With extensive experience in the financial sector, his insights have gained him recognition in numerous media outlets. In his spare time, Gregory is engrossed in writing a book focused on cryptocurrency and blockchain technology.
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