Framework Ventures and the Abu Dhabi branch of Brevan Howard Digital (BH Digital) have jointly led a $100 million Series B funding round for Layer 1 blockchain developer Berachain.
In addition to Framework Ventures and BH Digital, financial backing came from 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, as announced by Berachain on social media platform X.
The funds raised are earmarked for expanding Berachain’s presence in Hong Kong, Singapore, Southeast Asia, Latin America, and Africa, according to reports from Bloomberg. Notably, Berachain’s testnet has already processed over 100 million transactions. Investors participated in the funding round using a simple agreement for future tokens (SAFT).
Previously, on April 20, 2023, Berachain secured $42 million in a private token round led by Polychain Capital, with contributions from Hack VC, Shima Capital, Robot Ventures, and others, as reported by The Block. BH Digital, the co-lead of Berachain’s Series B, boasts $1.7 billion in assets under management.
Berachain operates as a modular Layer 1 blockchain, utilizing a “proof of liquidity” consensus mechanism to validate liquidity available for specific assets on-chain.
Within Berachain’s ecosystem, it features the governance token BGT, the gas token BERA, and the native consensus collateralized stablecoin HONEY. BGT is obtained by users through various tasks within the Layer 1 ecosystem, such as providing liquidity on Berachain’s decentralized exchange BEX. BGT can then be exchanged for the USD-pegged HONEY, with transaction fees paid using BERA.
Moreover, Berachain is compatible with the Ethereum Virtual Machine (EVM), facilitating seamless interaction with Ethereum-specific applications. Built on the Cosmos SDK, Berachain leverages this tech stack for constructing public proof-of-stake blockchains.
