Bitcoin layer-2 network Mezo raises $21m in Pantera-led funding round

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A Bitcoin (BTC) secondary network named Mezo has come out of the shadows, having secured $21 million in investment funds.

Pantera Capital took the lead in funding this round, with participation from Multicoin, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures.

Several individual investors, among them Dan Held, Tim Draper, and an anonymous investor known as DCF God, took part in the investment.

This week, Thesis, a blockchain startup incubator behind Mezo, announced the successful completion of its fundraising campaign.

We’re excited to share the news of our successful fundraising round, totaling $25M from prominent investors such as Pantera Capital, Multicoin Capital, Hack VC, and more, along with an additional $4M in subsequent investments.

— Mezo (@MezoNetwork) April 9, 2024

Mezo functions as a decentralized Bitcoin economy platform, built on a neutral smart contract system. It provides a range of applications and is part of the growing trend of Bitcoin L2 networks, striving to go beyond just trading.

Significant alternatives to consider are Babylon and Stacks, which highlight aspects such as staking for Bitcoin holders.

It is said that Thesis initiated the fundraising effort for Mezo towards the end of 2023, resulting in the successful completion of a $21 million investment round.

In simpler terms, Mezo acts as a decentralized financial system for Bitcoin, using impartial smart contracts to support different user projects.

The design of this platform is intended to strengthen Bitcoin’s underlying system, allowing for cheaper and faster transactions. Users can engage with apps that utilize Bitcoin in multiple industries, contributing to a vibrant and interconnected economic circle.

Mezo’s distinctive trait includes a rewards system named “Proof of HODL,” encouraging users to interact frequently with their Bitcoin savings on the platform.

— Mezo (@MezoNetwork) April 11, 2024

Matt Luongo, CEO of Thesis and co-founder of Mezo, highlighted the company’s mission to breathe life into bitcoin investments by encouraging active participation in the network. This engagement not only benefits the user but also strengthens the security of the Bitcoin system, rewarding users for their contribution.

The new platform introduces a Bitcoin-linked Ethereum (ETH) token called tBTC, allowing Bitcoin holders to engage with Ethereum’s decentralized financial (DeFi) system.

After a successful fundraising event, Mezo announced that its platform now holds over $75 million in assets, with over a thousand users regularly engaging with it.

In the opening quarter of 2024, there was a surge of $2.5 billion investments from global backers towards crypto startups, as indicated by PitchBook, reflecting growing enthusiasm from venture capitalists in the cryptocurrency sector.

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2024-04-13 19:14