Berachain, an EVM-equivalent layer one blockchain built on the Cosmos SDK and powered by Proof of Liquidity, has secured $100 million in a new funding round.
Announced on Friday, the investments came from several venture capital firms, including Brevan Howard Digital and Framework Ventures. Other investors included Polychain Capital, Samsung Next, Hack VC, and Hashkey Capital. Angel investors such as Sandeep Nailwal from Polygon and Yat Siu from Animoca Brands also funded the emerging blockchain project.
The funding round used a simple agreement for future tokens. Berachain will use the funds to grow its business, hire more engineers, and expand globally to places such as Hong Kong, Singapore, Southeast Asia, Latin America and Africa.
According to Berachain’s pseudonymous co-founder Smokey the Bera, “We view this funding round as a significant validation of our strategy to develop a blockchain based on feedback from genuine users and developers, and to deliver value to those actively contributing to the network’s expansion,” Bloomberg reported.
Recall that Berachain secured $42 million in a private token round on April 20, 2023, as per a report from The Block. The round was spearheaded by Polychain Capital, with contributions from Hack VC, Shima Capital, Robot Ventures, and other investors. BH Digital, a co-lead in the company’s Series B, boasts managing assets worth $1.7 billion.
About Berachain
Berachain is a layer-1 blockchain built using Cosmos technology with a native token dubbed BERA. It is compatible with the Ethereum Virtual Machine. Berachain uses a proof of liquidity (PoL) consensus algorithm based on proof of stake (PoS). This model aims to improve security and decentralization.
Berachain started as an NFT project called Bong Bears in August 2021. It began as a fun project but grew into a successful business with a large community. The recent Berachain testnet launch had over 300,000 users and 1 million transactions in the first 48 hours. Likewise, layer 1 blockchain project OverProtocol commenced its season 2 Open Beta Testnet (OBT) on March 13, 2023 in preparation for the much-anticipated mainnet launch.
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