Berachain, a layer-1 blockchain built on Cosmos technology, has secured $100 million in Series B funding in a round.
Berachain, a layer-1 blockchain built on Cosmos technology, has secured $100 million in Series B funding in a round led by investment management platform Brevan Howard Digital and crypto-native venture capital firm Framework Ventures. Other notable backers include Polychain Capital, Samsung Next, Hack VC, and Hashkey Capital, with angel investors such as Sandeep Nailwal, co-founder of Polygon, and Yat Siu, Chairman of Animoca Brands.
Berachain gained traction following its transition from an NFT project called Bit Bears, which initially started as a fun endeavor but evolved into a successful venture with a dedicated community. The recent launch of the Berachain testnet saw impressive utilization, with over 300,000 users and 1 million transactions processed within the first 48 hours.
The funding round, which involved a Simple Agreement for Future Tokens (SAFT) agreement, came shortly after Monad Labs' announcement of a $225 million raise for its own layer-1 chain. Berachain plans to utilize the funds to bolster economic growth initiatives, enhance engineering resources, and expand its global presence in regions such as Hong Kong, Singapore, Southeast Asia, Latin America, and Africa.
Berachain is an EVM-compatible layer-1 blockchain built using the Cosmos SDK. The blockchain employs the proof-of-liquidity consensus mechanism, which builds upon proof-of-stake while addressing its limitations. Users of Berachain can earn Bera Governance Tokens (BGT) by providing liquidity to pools using the network's native BERA tokens. This model aims to enhance security through increased liquidity, decentralize inflation, and align all participants in the ecosystem.
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