The Bitcoin Layer2 project BEVM has announced the completion of its seed round, and also a part of its Series A round, raising tens of million USD.

The 20+ investors include RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, Satoshi Lab, Web3port, Cogitent Ventures, MH Ventures, Mapleblock, Electrum Capital, Zephyrus Capital, Lotus Capital, 7UPDAO, TimeTells plus others. BEVM’s Series A valuation reached $200 million and accelerates the project’s international development and roll-out. 

BEVM is the first EVM-compatible Bitcoin Layer2 network built on Taproot Consensus and uses BTC as gas, aiming to bring 10% of BTC into its Layer2 network environment. BEVM’s testnet Canary network went live in July 2023, which to date has nearly 100,000 on-chain users, processed over 6 million transactions and currently has more than 30 ecosystem projects. BEVM’s mainnet is scheduled to launch on March 28th.

Gavin Guo, Core Builder of BEVM said

“Taproot Consensus is the final result of our team’s six years of exploring Bitcoin Layer2 solutions. BEVM architecture is the most native and decentralized implementation of Bitcoin primitive & ethos into a Layer2, with the complete BEVM product shipped to the community based on MuSig2 + Bitcoin SPVs. BEVM is currently the most decentralized and secure BTC layer2 solution.” 

BEVM has already implemented decentralized Bitcoin cross-chain custody services through Schnorr Signature, MAST and Bitcoin SPVs. In the future, BEVM will also launch “BEVM-Stack” to help developers launch ‘BTC layer2’ with one click; and will launch the DBFX protocol to allow $BTC to circulate on any chain in a decentralized manner.

Omer Ozden, Chairman of RockTree Capital said

“We anticipate significant scaling in the Bitcoin ecosystem space over the coming years, as crypto purists seek the most decentralized chain, and also into the longer term future, as TradFi investors with tens of billions of dollars of digital assets seek the highest safety of Bitcoin chain from a Securities Law perspective and the Lindy Effect. BEVM is one of the foremost innovation advancements in this space and is years more advanced in development and users than other L2s we have seen. It won major technical competitions and has significant traction in the Asian market already, the geography where we see the most Bitcoin ecosystem innovation and usage.” 

The BTC EVM is the primary vision of BEVM, building a decentralized BTC Layer2 compatible with EVM allows seamless deployment of various EVM ecosystem applications on BEVM, increasing Bitcoin usage and commercial scenarios.

To find out more about BEVM visit website.

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