Framework Ventures and the Abu Dhabi branch of Brevan Howard Digital (BH Digital) co-led a $100 million Series B round for layer 1 blockchain developer Berachain.
Additional financial support comes from Polychain Capital, Hack VC, Samsung Next, Laser Digital from Nomura Group, Hashkey Capital, Nomad Capital, Hypersphere, Arrington Capital, Cypher Capital, Tribe Capital, Rubik, Bo Feng from Dragonfly, Yat Siu from Animoca Brands, and Temasek. Antony Lewis of Polygon, Sandeep Nailwal et al. of Berachain wrote On social media platform
Bloomberg said the company plans to use the funds to strengthen its expansion in Hong Kong, Singapore, Southeast Asia, Latin America and Africa, adding that Berachain’s testnet has processed more than 100 million transactions. Investors funded Berachain using Simple Contracts for Future Tokens (SAFT).
As previously reported by The Block, Berachain raised $42 million in a private token round led by Polychain Capital on April 20, 2023, with participation from Hack VC, Shima Capital, Robot Ventures, and others. The company’s Series B co-lead, BH Digital, has $1.7 billion in assets under management.
VeraChain’s ecosystem
Berachain is a modular layer 1 blockchain backed by a “proof of liquidity” consensus mechanism, which is a way to verify the liquidity available for a particular asset on the chain.
Berachain has a governance token, BGT, a gas token, BERA, and a native consensus collateral stablecoin, HONEY. Users can only earn BGT by performing certain tasks within the layer 1 ecosystem, such as providing liquidity to Berachain’s decentralized exchange BEX. BGT can be exchanged for USD-pegged HONEY by paying transaction fees using BERA.
VeraChain is also compatible with: Ethereum ETH
-8.75%
The Virtual Machine (EVM) is an Ethereum-specific runtime environment that determines the parameters for “computing new valid states from block to block.” Ethereum developer documentation. Berachain is built on the Cosmos SDK, a technology stack for building public proof-of-stake blockchains.
update: April 12, 15:42 UTC. Removes references to prior reporting surrounding speculation about Berachain’s raise and valuation.
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