Curated News
By: NewsRamp Editorial Staff
April 30, 2024
Bitmain Invests in BTC Layer2 Project BEVM
TLDR
- Bitmain's investment in BEVM gives them an edge in the Bitcoin Layer2 domain.
- BEVM is an EVM-compatible Bitcoin L2 network utilizing BTC as Gas, achieving fully decentralized BTC cross-chain functionality.
- BEVM's exploration of Bitcoin hashrate and PoW ecosystem application can facilitate the migration of trillions of dollars in PoW hashrate assets, unlocking liquidity and diverse financial application scenarios within the BTC Layer2 network, making the world of cryptocurrency more accessible and efficient.
- BEVM, the pioneer EVM-compatible Bitcoin L2 network, aims to empower Bitmain assets and unlock liquidity and more diverse financial application scenarios within the BTC Layer2 network.
Impact - Why it Matters
The investment from Bitmain in BEVM's Bitcoin Layer2 network signifies a significant development in the cryptocurrency space. This partnership has the potential to unlock new liquidity and financial application scenarios within the BTC Layer2 network, ultimately benefitting the broader cryptocurrency community. Additionally, BEVM's mainnet launch and successful financing rounds mark a milestone in the integration of BTC into diverse applications and the expansion of genuine BTC liquidity circulation.
Summary
BTC Layer2 project BEVM has officially disclosed an investment from Bitmain, the leading manufacturer of cryptocurrency mining servers globally. The precise amount of the investment remains undisclosed. Established in 2013, Bitmain still stands today as a significant figure in the digital asset mining hardware production space. Its Bitcoin mining machines previously commanded over 70% of the global market share. Notably, this marks Bitmain's sole investment in the Bitcoin Layer2 domain to date. BEVM serves as the pioneer EVM-compatible Bitcoin L2 network founded on the Taproot Consensus, utilizing BTC as Gas. Leveraging native Bitcoin technologies such as Schnorr Signature, MAST, and Bitcoin Light Node Network, it achieves fully decentralized BTC cross-chain functionality, thereby enabling the trustless integration of BTC into a broader spectrum of applications and facilitating genuine BTC liquidity circulation. BEVM launched its mainnet on March 28th, boasting over 700,000 user addresses and hosting more than 30 ecosystem projects. BEVM also recently announced it had secured tens of millions of dollars in financing, with investors including RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, and nearly 20 other institutions, resulting in a post-investment valuation of $200 million for the company.
Source Statement
This curated news summary relied on this press release disributed by BlockchainWire. Read the source press release here, Bitmain Invests in BTC Layer2 Project BEVM
