April 12, 2024
Berachain, a developer of an Ethereum-compatible blockchain for financial applications, has raised $100 million in its Series B funding round. The round was co-led by Framework Ventures and the Abu Dhabi branch of Brevan Howard Digital (BH Digital). Additional support came from Polychain Capital, Hack VC, Samsung Next, Laser Digital from Nomura Group, Hashkey Capital, and Nomad Capital. This investment follows a previous private token round in April 2023, when Berachain raised $42 million.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Berachain | $100M | Apr 12, 2024 | Series B | $142M | Framework Ventures, BH Digital | Layer 1 |
The company plans to use the funds to expand its operations in Hong Kong, Singapore, Southeast Asia, Latin America, and Africa. Bloomberg reports that Berachain's testnet has processed over 100 million transactions. Investors utilized a simple agreement for future tokens (SAFT) to fund Berachain.
Berachain operates a modular Layer 1 blockchain that uses a "proof of liquidity" consensus mechanism to verify the liquidity available for certain assets on-chain. The ecosystem includes several tokens: BGT (governance token), BERA (gas token), and HONEY (collateralized stablecoin). Users can earn BGT by providing liquidity on Berachain's decentralized exchange, BEX, which can then be swapped for the USD-pegged HONEY. BERA is used to pay transaction fees within the ecosystem.
The blockchain is built on the Cosmos SDK, a tech stack for building public proof-of-stake blockchains, and is compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers to create applications using Ethereum's runtime environment while benefiting from the scalability and flexibility of Berachain's infrastructure.
Berachain's governance token, BGT, is crucial for the ecosystem's functionality, as it can be earned by users who perform specific tasks such as providing liquidity on BEX. The gas token, BERA, facilitates transactions, while the stablecoin, HONEY, offers a stable medium of exchange within the ecosystem.
The Series B round also included participation from prominent investors such as Hypersphere, Arrington Capital, Cypher Capital, Tribe Capital, Rubik, Dragonfly’s Bo Feng, Animoca Brands’ Yat Siu, Temasek’s Antony Lewis, and Polygon’s Sandeep Nailwal.
About Berachain
Berachain is a developer of an Ethereum-compatible blockchain designed for financial applications. The company aims to create a more efficient and scalable blockchain infrastructure by leveraging a modular design and a unique proof-of-liquidity consensus mechanism. Founded to enhance blockchain scalability and interoperability, Berachain is committed to advancing the capabilities of decentralized finance.
Website: https://www.berachain.com/
X Account: @berachain
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About Investor
Investor: Framework Ventures and BH Digital
Description:
Framework Ventures is a venture capital firm focusing on investments in blockchain technology and cryptocurrency. They support companies that contribute to the development of the decentralized economy.
BH Digital is the digital assets branch of Brevan Howard, a global alternative investment management platform. It manages $1.7 billion in assets and invests in the digital asset ecosystem.
Location: United States
Website: Framework Ventures and BH Digital
LinkedIn: Framework Ventures and BH Digital
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