We do the research, you get the alpha!
Get exclusive reports and key insights on airports, NFTs and more! Sign up for Alpha Reports now and step up your game!
Go to Alpha Reports
Anonymous founders raise $100 million in funding for Berachain, built by Cosmos Technology.
Announced on Friday, the Series B funding round was co-led by Brevan Howard Digital, an investment management platform, along with crypto-native VC firm, Framework Ventures. Additional backers include Polychain Capital, Samsung Next, HackVC and Hashkey Capital, along with angel investors such as Polygon co-founder Sandeep Nailwal and Animoca Brands chairman Yat Siu.
Investors sign a SAFT agreement, which exchanges current money for future tokens. The move comes just days after Monad Labs announced its own $225 million fundraising to build a Layer-1 blockchain for rival giants like Ethereum and Solana.
“We see this increase as a major validation of our approach, built on feedback from real users and developers, and driving value to those groups,” said Smokey the Bera, co-founder of BeChain. In a press release.
Berachain plans to use the $100 million raised to strengthen its “economic growth initiatives and engineering resources” as well as expand its global presence in Hong Kong, Singapore, Southeast Asia, Latin America and Africa.
Abundant capital, expansion plans and trust from big investors – but what is BeChain?
What is Berchain?
established By Smokey the Bear, Homme Bera and Dev Bear, the EVM-compatible layer-1 blockchain Berachain aims to balance incentives for security and liquidity at the network level.
Built on the Cosmos SDK, the Layer-1 chain uses a liquidity proof consensus mechanism. This model builds on what created the stock proof and tries to address its limitations.
By liquidating pools using the network's native BERA tokens, users earn Bera Management Tokens (BGT). You can then delegate these tokens to a validator(s) that will generate blocks based on the BGT's delegation size. Validators then vote on future BGT price increases against liquid pools and distribute rewards (called bribes) to agents.
Berachain this model “Increases liquidity by increasing security” Decentralizes inflation and balances all parties involved in the ecosystem.
“The BeChain team has built a blockchain that allows users to play a direct role in empowering specific applications and industries to build their chains, an amazing model for ecosystem growth that we've never seen before,” Vance Spencer, Co-Founder Framework VenturesHe said in his financial announcement.
“The Berachain community is one of the most dynamic I've seen in crypto, and I'm excited to see what they do once they're given the ability to directly shape their future,” Spencer continued. chain”
The project was originally called the NFT project. Bit bearsBerachain's website was simply for a bit of fun. But it proved a huge success, leading to a “massive cult community.” It was during this time that the founders had a vision of what Rachain is today.
Two months ago, BeChain's testnet was launched, which a press release claims is the “most used testnet in blockchain history” with over 300,000 users and 1 million transactions in the first 48 hours. Berachain plans to launch its mainnet sometime this quarter.
Edited by Andrew Hayward.
Stay on top of crypto news, get daily updates in your inbox.
