Berachain, a Layer 1 blockchain, has secured $100 million in Series B funding, increasing their total funding over two rounds to $142 million. This Series B financing was led by Framework Ventures and investment management platform Letter Howard Digital.
The Series B financing propels Berachain into a new phase of growth and innovation. Thanks to this influx of capital, the company is poised to accelerate its expansion in strategic markets such as Hong Kong, Singapore, Latin America and Africa.
Berachain’s journey started as an NFT project known as Bit Bears, and has grown into a full-fledged L1 blockchain with over 1 million followers on X. Additionally, Berachain saw over 300,000 users in the first 48 hours of launch, and over 100 million transactions on their ongoing testnet phase. These figures highlight the platform’s popularity and potential to become one of the most promising projects of 2024.
The innovative proof-of-liquidity consensus mechanism is at the core of Berachain’s success. This mechanism ensures robust verifications of assets on-chain and increases security. Furthermore, Berachain is built on Cosmos technology and is compatible with the Ethereum Virtual Machine (EVM).
As a result, Berachain offers developers a versatile and interoperable platform to build decentralized applications (dApps) with improved scalability and functionality. This combination of interoperability, enhanced security and modular architecture makes Berachain a project to keep an eye on.
As Berachain works towards the launch of its mainnet, it continues to focus on innovation and encouraging adoption within the crypto community. Thanks to $142 million in financing and a valuation of $420 million Berachain is well equipped to establish itself as a top power in the crypto space.
Source: https://bitcoinmagazine.nl/nieuws/berachain-ontvangt-100-million-financiering
