Merlin Chain Gains Financing to Foster 'Bitcoin-Centric' Innovations

New York, USA, February 5th, 2024, Chainwire

Merlin Chain, serving as a native Bitcoin Layer2, announced has secured funding from a group of 24 investors, including OKX Ventures, ABCDE , Foresight Ventures and Arkstream Capital.

Merlin Chain delivers an innovative scaling solution that seamlessly integrates a ZK-Rollup framework, a decentralized oracle network, and mechanisms for on-chain BTC fraud prevention. The project is dedicated to revitalizing Bitcoin's native assets, protocols, and products on Layer1, with the motto to 'Make Bitcoin Fun Again.'

Merlin Chain is developed by Bitmap Tech, an established team with substantial expertise and a market valuation exceeding $500 million. Their BRC-420 “Blue Box” collection has surged in popularity, skyrocketing from an inscription fee of $0.15 to an all-time high floor price of $34,000, now ranking as the third-largest in market cap after BAYC and CryptoPunks. Blue Box Bitmap Tech, the driving force behind Merlin Chain, has been a staunch advocate of Bitcoin for many years. Their commitment to nurturing the Bitcoin ecosystem is evident, focusing on attracting more users and assets into the Bitcoin realm instead of diverting attention to other ecosystems while leveraging Bitcoin's name.

This funding round will empower the team to enhance the ecosystem further and improve overall liquidity. To date, Merlin Chain has established a robust DApp ecosystem and is gearing up for future expansions.

Merlin Chain is poised to unveil its mainnet this week. After the mainnet goes live, Merlin Chain intends to roll out a series of staking events and distribute its governance token through a 'fair launch', with the goal of incentivizing genuine users and developers.

Merlin Chain functions as a Bitcoin Layer2, integrating a ZK-Rollup network, a decentralized oracle network, and on-chain fraud-proof mechanisms. Its mission is to fortify Bitcoin's native assets, protocols, and products on Layer1 via its Layer2 network, all while aiming to 'Make Bitcoin Fun Again.' Merlin Chain represents a product line of Bitmap Tech, a distinguished team that boasts an impressive market cap over $500 million. Notably, the BRC-420 'Blue Box' collection has emerged as one of the top assets on Ordinals.

About Merlin Chain

Users are encouraged to stay updated with Merlin Chain's progress and initiatives. BTC Please remember that the information on this page is for informational purposes only and should not be considered as professional legal, tax, investment, or financial advice. It’s important to only invest money that you can afford to lose and to seek independent financial guidance if you have uncertainties. For more detailed information, we recommend looking at the terms and conditions as well as the support resources provided by the issuer or advertiser. MetaversePost aims for accuracy and impartiality in its reporting, but market conditions can change unexpectedly.

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Merlin Chain