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Writer's pictureMark S

Berachain Raises $100 Million in Series B Funding led by Framework Ventures & BH Digital

April 12, 2024


Berachain, a developer of an Ethereum-compatible blockchain for financial applications, has raised $100 million in its Series B funding round. The round was co-led by Framework Ventures and the Abu Dhabi branch of Brevan Howard Digital (BH Digital). Additional support came from Polychain Capital, Hack VC, Samsung Next, Laser Digital from Nomura Group, Hashkey Capital, and Nomad Capital. This investment follows a previous private token round in April 2023, when Berachain raised $42 million.

Project

Latest Raise

Latest Raise

Stage

Total Raise

Lead Investor

Category

Berachain

$100M

Apr 12, 2024

Series B

$142M

Framework Ventures, BH Digital

Layer 1

The company plans to use the funds to expand its operations in Hong Kong, Singapore, Southeast Asia, Latin America, and Africa. Bloomberg reports that Berachain's testnet has processed over 100 million transactions. Investors utilized a simple agreement for future tokens (SAFT) to fund Berachain.


Berachain operates a modular Layer 1 blockchain that uses a "proof of liquidity" consensus mechanism to verify the liquidity available for certain assets on-chain. The ecosystem includes several tokens: BGT (governance token), BERA (gas token), and HONEY (collateralized stablecoin). Users can earn BGT by providing liquidity on Berachain's decentralized exchange, BEX, which can then be swapped for the USD-pegged HONEY. BERA is used to pay transaction fees within the ecosystem.


The blockchain is built on the Cosmos SDK, a tech stack for building public proof-of-stake blockchains, and is compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers to create applications using Ethereum's runtime environment while benefiting from the scalability and flexibility of Berachain's infrastructure.


Berachain's governance token, BGT, is crucial for the ecosystem's functionality, as it can be earned by users who perform specific tasks such as providing liquidity on BEX. The gas token, BERA, facilitates transactions, while the stablecoin, HONEY, offers a stable medium of exchange within the ecosystem.


The Series B round also included participation from prominent investors such as Hypersphere, Arrington Capital, Cypher Capital, Tribe Capital, Rubik, Dragonfly’s Bo Feng, Animoca Brands’ Yat Siu, Temasek’s Antony Lewis, and Polygon’s Sandeep Nailwal.


About Berachain

Berachain is a developer of an Ethereum-compatible blockchain designed for financial applications. The company aims to create a more efficient and scalable blockchain infrastructure by leveraging a modular design and a unique proof-of-liquidity consensus mechanism. Founded to enhance blockchain scalability and interoperability, Berachain is committed to advancing the capabilities of decentralized finance.

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About Investor

Investor: Framework Ventures and BH Digital

Description:  

Framework Ventures is a venture capital firm focusing on investments in blockchain technology and cryptocurrency. They support companies that contribute to the development of the decentralized economy.

BH Digital is the digital assets branch of Brevan Howard, a global alternative investment management platform. It manages $1.7 billion in assets and invests in the digital asset ecosystem.

Location:  United States

Website: Framework Ventures and BH Digital


A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.

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