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The bear-themed EVM-compatible layer-1 blockchain Berachain secured $100 million in an expanded funding round, challenging Ethereum and Solana.
Berachain, which positioned itself as a community-driven blockchain, secured funds of $100 Million in a Series B funding round. The bear-themed blockchain is emerging as a strong player in the crypto industry, competing with crypto giants like Ethereum and Solana. On Friday, the blockchain’s testnet hit 100 Million transactions, signaling strong growth.
Berachain Signaling Strong Growth
According to a report by Bloomberg, the layer-1 blockchain platform Berachain successfully safeguards $100 Million in a Series B funding round. The funding round was led by Framework Ventures and Brevan Howard Digital’s Abu Dhabi branch.
On Friday, the platform announced the same over social media platform X.
We're thrilled to announce our $100M Series B round, co-led by @BHDigitalAssets and @hiFramework pic.twitter.com/yyDKmpBN7u
— Berachain 🐻⛓⚛️ (@berachain) April 12, 2024
Other participants include Polychain Capital, Hack VC, and Tribe Capital, contributing to a funding round that surpassed initial estimates by 45% through a SAFT deal. The platform is outlining a course for expansion into key markets including Hong Kong, Singapore, Southeast Asia, Latin America, and Africa, fueled by the fresh influx of capital.
With its testnet already handling more than 100 million transactions, the platform is constructed to be compatible with Ethereum-based systems and flatters itself on being a more community-focused blockchain variant.
The investment reflects a renewed interest from venture capitalists in the cryptocurrency startup field, with a 32% hike in investments within the first quarter. Additionally, March witnessed the highest monthly fundraising count since October 2022, with crypto startups receiving upwards of $1 Billion.
“We see this growth as a major validation of our approach to constructing a blockchain that’s built on feedback from real users and developers, and driving value to those groups who are contributing to the network’s development”, said Smokey the Bera, the co-founder of Berachain.
Furthermore, the platform planned to use the raised funds to empower “economic growth initiatives and engineering resources” along with expanding roots in different regions.
Berachain is a layer-1 blockchain that aims to align and improve security and liquidity at the network level. The platform was developed by Smokey the Bear, Homme Bera, and Dev Bear. developed over the Cosmos SDK, the network uses a proof-of-liquidity consensus mechanism and attempts to encounter the limitations.
Ethereum And Solana’s Standing In The Crypto Industry
Berachain is emerging as a strong player in the crypto space, competing with giant players including Ethereum (ETH) and Solana (SOL). Both blockchains have a strong presence in decentralized apps and cryptocurrency.
According to CoinMarketCap data, ETH is currently trading at $3,283.87, after a decline of 7.10% in one day with a market cap of $394,079,872,283. The price of SOL is $152.73, after a drop of 11.55% in the past 24 hours with a market cap of $68,108,870,457.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
