April 9, 2024
Mezo, a Bitcoin scaling network developed by Matt Luongo's Thesis, has secured $21 million in a seed funding round. The round was led by Pantera Capital, with participation from Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures.
Thesis began raising funds for Mezo last December, completing the round in two tranches totaling $21 million.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Mezo | $21M | Apr 9, 2024 | Seed | $21M | Pantera Capital | Bitcoin |
The funding will support Mezo's development as a Bitcoin "economic layer," aimed at creating an ecosystem of applications based on users' economic needs, such as groceries and tuition. Mezo uses a "proof of HODL" consensus mechanism, where users secure the network by locking BTC and MEZO tokens. This mechanism aligns Mezo economically with BTC holders, who earn rewards for staking and running the network.
Mezo has opened up bitcoin deposits, reaching over $26 million in total value locked. Users will receive a HODL score based on the duration and amount of their Bitcoin deposits. Additionally, Mezo supports deposits of Thesis-built TBTC and WBTC, both forms of wrapped Bitcoin.
The $21 million funding will help Mezo extend the Bitcoin network, aiming to bring 25% of the world's economy on-chain. This goal reflects the scale of the US economy today. The project has attracted significant interest, as evidenced by its substantial funding and rapid accumulation of locked value.
Thesis, the company behind Mezo, has raised over $90 million in total funding across all its projects. Currently, 48 people are working on various Thesis projects, with plans to nearly double the headcount this year to further develop Mezo's infrastructure and capabilities.
About Mezo:
Mezo is a Bitcoin economic layer network designed to facilitate fast and cost-effective bitcoin transactions, allowing users to hold tokens while earning yield. Developed by Thesis, Mezo aims to create a comprehensive ecosystem of applications based on users' economic needs. By leveraging a proof of HODL consensus mechanism, Mezo aligns economically with BTC holders, providing staking rewards for running the network. Headquartered in Menlo Park, California, Mezo continues to expand its impact within the blockchain and cryptocurrency sectors.
Website: https://mezo.org/
X Account: @MezoNetwork
X Followers today: 1,061
X Followers 30 days ago: 830
X Follower change: 231 (+27%)
About Investor
Investor: Pantera Capital
Description: Pantera Capital is a leading investment firm focused on blockchain technology and cryptocurrency. Founded in 2013 by Dan Morehead, Pantera Capital provides investors with exposure to the rapidly growing blockchain and cryptocurrency markets. The firm has invested in various blockchain projects, supporting the development of innovative technologies in the sector. Pantera Capital's investment in Mezo highlights its commitment to fostering advancements in blockchain infrastructure and supporting projects that aim to revolutionize the financial landscape.
Location: United States
Website: https://panteracapital.com/
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