2024-04-13
Framework Ventures and the Abu Dhabi branch of Brevan Howard Digital have joined forces to co-lead a $100 million Series B funding round for blockchain developer Berachain.
The investment was further supported by Polychain Capital, Hack VC, Samsung Next, Laser Digital from Nomura Group, Hashkey Capital, Nomad Capital, Hypersphere, Arrington Capital, Cypher Capital, Tribe Capital, Rubik, Dragonfly's Bo Feng, Animoca Brands' Yat Siu, Temasek's Antony Lewis, Polygon's Sandeep Nailwal, and others, according to Berachain's Announcement on the social media platform X.
With the newly raised funds, Berachain aims to expand its presence in key markets such as Hong Kong, Singapore, Southeast Asia, Latin America, and Africa.
Bloomberg reports that Berachain's testnet has already processed over 100 million transactions.
The funding was facilitated through a simple agreement for future tokens (SAFT).
In a previous private token round held on April 20, 2023, Berachain secured $42 million, led by Polychain Capital and with participation from Hack VC, Shima Capital, Robot Ventures, and others, as reported by The Block.
BH Digital, the co-lead of Berachain's Series B round, currently manages $1.7 billion in assets.
Berachain is a Layer 1 blockchain platform that utilizes a "proof of liquidity" consensus mechanism to verify the availability of assets on-chain.
The platform offers various tokens, including the governance token BGT, the gas token BERA, and the native consensus collateralized stablecoin HONEY.
Users can obtain BGT by participating in activities within Berachain's ecosystem, such as providing liquidity on the decentralized exchange BEX. BGT can then be exchanged for the USD-pegged HONEY, with transaction fees paid using BERA.
Furthermore, Berachain is compatible with the Ethereum Virtual Machine (EVM), which is an Ethereum-specific runtime environment.
This compatibility allows for seamless integration with Ethereum and leverages the Cosmos SDK, a technology stack for building public proof-of-stake blockchains.
