BEVM, Bitcoin Layer 2 Project, Reaches Tens of Millions in Funding with $200 Million Valuation

Bittime - The crypto industry continues to be busy with the presence of various innovative projects. One project that is attracting attention is BEVM, a Layer 2 (L2) solution specifically for Bitcoin (BTC). Recently, BEVM succeeded in obtaining funding in an initial funding round (seed round) and part of the Series A round with a total value of tens of millions of US dollars.

BEVM Receives Tens of Millions of US Dollars in Funding

According to Deep Chao TechFlow news, BEVM announced the acquisition of funding from the initial round and part of the Series A round. The funding is worth tens of millions of US dollars and was participated by nearly 20 well-known institutions, including RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, Satoshi Lab , Web3port, Cogient Ventures, MH Ventures, Mapleblock, Electrum Capital, Zephyrus Capital, Lotus Capital, 7UPDAO, and TimeTells.

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$200 Million Post-Funding Valuation

With this funding, BEVM now has a post-funding valuation of US$200 million. This valuation reflects investors' optimism regarding BEVM's potential as a Layer 2 solution that can increase the scalability and efficiency of Bitcoin transactions.

Also Read: What is Fundraising, Fundraising?

BEVM Mainnet Launch

In addition to the good news regarding funding, BEVM also announced plans to launch the mainnet on March 28, 2024. The mainnet launch marks the start of full operation of the BEVM network, allowing users to interact and utilize various decentralized financial (DeFi) services built on top of the network.

Also Read: What is Mainnet?

What is BEVM?

BEVM is a decentralized Layer 2 protocol built using Parity Technologies' Substrate framework. As a Bitcoin-specific Layer 2 solution, BEVM aims to overcome Bitcoin's scalability limitations by processing transactions outside of Bitcoin's main blockchain, then settling them on the main blockchain.

Also Read: What is Layer 2 on the Blockchain

BEVM Advantages

BEVM offers several advantages compared to direct transactions on Bitcoin's main blockchain, including:

• Better Scalability: BEVM is able to process transactions faster and cheaper compared to transactions on Bitcoin's main blockchain. This enables wider adoption of DeFi in the Bitcoin ecosystem.
• Compatibility with Ethereum Virtual Machine (EVM): BEVM is compatible with EVM, so developers who are used to building DeFi applications on the Ethereum network can easily migrate their applications to BEVM.
• Use of BTC as Gas: BEVM uses BTC as a gas token to execute transactions on its network. This allows users to utilize the BTC they own to participate in DeFi activities on BEVM.

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The Future of BEVM

With significant funding raised and mainnet launch plans fast approaching, BEVM has great potential to become a key player in Bitcoin's DeFi ecosystem. BEVM's ability to provide better scalability and compatibility with EVM can attract developers and users to build and deploy various DeFi applications on the BEVM network.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.