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Bitcoin Layer 2 Platform Mezo Raises $21M From Pantera Capital & Others – Crypto News

Published

2 years ago

April 9, 2024

Dripp

Thesis, which is a venture studio established in 2014, has unveiled Mezo today. Mezo is a Bitcoin layer-2 solution that Thesis labels as a “Bitcoin Economic Layer.” Moreover, this launch comes on the heels of a successful $21 million Series A funding round.

Bitcoin Layer 2 Mezo’s Series A Funding

The Bitcoin Layer 2 solution’s Series A round was spearheaded by Pantera Capital and backed by Multicoin, Hack VC, Draper Associates, and others. It marks a significant milestone for the BTC Layer 2 solution as it is now backed with some of the well-known participants in the investment landscape.

Mezo sets itself apart by offering users access to applications that facilitate the utilization of Bitcoin tokens. Furthermore, it has a focus on fostering a circular Bitcoin economy beyond mere savings. According to Fortune, Matt Luongo, CEO of Thesis and founder of Mezo said, “What I think distinguishes an economic layer versus any other chain is that it’s doing good for Bitcoin— both the money and the network.”

One of Mezo’s key features is the “Proof of HODL” points program, which incentivizes users to keep their Bitcoin holdings active within the platform. As Luongo puts it, Mezo aims to make Bitcoin holdings more than just idle assets by encouraging users to actively engage with the network.

“We want to make sure that people that have Bitcoin can actually run this chain,” Luongo emphasized. The longer users hold and utilize their tokens with Mezo, the more integrated they become with the platform. Hence, they earn rewards for securing the network.

Also Read: Bitcoin Price To Slip Below $20K By 2024 End: Deutsche Bank Survey

Low-cost & Seamless Transactions On Mezo

Furthermore, Mezo also addresses the need for cheaper and faster transactions without compromising the foundational principles of the Bitcoin network. It operates as a permissionless layer, leveraging a neutral smart contract infrastructure to expand the range of applications available on the Bitcoin network.

The Bitcoin Layer 2 platform will be supported by Thesis-built tBTC, which facilitates “trust-minimized” bridging to various ecosystems. In addition, Anjan Vinod, principal at ParaFi Capital, hailed Mezo’s launch as a testament to the potential of tBTC in enhancing Bitcoin’s utility as an asset.

“This feels like a breakthrough moment for Bitcoin as a technology, not just an asset,” remarked Dan Morehead, founder and managing partner of Pantera Capital. He noted the readiness of the Bitcoin community to utilize their assets beyond mere holding. This signals a shift towards more active engagement with the technology.

Also Read: Bitcoin ETF Flows Turn Negative But BTC Price Holds Firm At $71,300