In a round of fundraising that was spearheaded by investment management platform Brevan Howard Digital and crypto-native venture capital company Framework Ventures, the layer-1 blockchain known as Berachain, which is built on the Cosmos technology, has successfully secured a total of one hundred million dollars in revenue
Other noteworthy investors include Polychain Capital, Samsung Next, Hack Venture Capital, and Hashkey Capital. Angel investors include Sandeep Nailwal, co-founder of Polygon, and Yat Siu, Chairman of Animoca Brands. Hashkey Capital is also a major venture capital firm.
Following its transformation from an NFT project known as Bit Bears, which had begun as a fun endeavor but eventually developed into a successful venture with a loyal community, Berachain acquired traction and gained traction as a result.
The recently launched Berachain testnet has seen an astounding amount of use, with over 300,000 users and one million transactions being handled within the first forty-eight hours of its operation.
The investment round, which included a Simple deal for Future Tokens (SAFT) deal, took place not long after Monad Labs made the news that it had raised $225 million for its own layer-1 chain.
Berachain intends to put the funds to use in order to strengthen efforts aimed at economic growth, improve engineering resources, and broaden its global footprint in places such as Hong Kong, Singapore, Southeast Asia, Latin America, and Africa.
Built with the Cosmos Software Development Kit (SDK), Berachain is an EVM-compatible layer-1 blockchain. The proof-of-liquidity consensus method is utilized by the blockchain. This technique expands upon the proof-of-stake consensus mechanism while also resolving its drawbacks.
Through the provision of liquidity to pools using the network's native BERA tokens, users of the Berachain network have the opportunity to earn Bera Governance Tokens (BGT). The purpose of this concept is to improve safety by increasing liquidity, to decentralize inflation, and to bring all participants in the ecosystem into alignment.
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