Blockchain platform Berachain exceeded expectations by announcing the raising of an impressive $100 million in its latest Series B funding round. The round was jointly led by Brevan Howard Digital's Abu Dhabi branch and Framework Ventures. Among the participants who attended the event were big names such as Polychain Capital, Hack VC and Tribe Capital, all supporting Berachain through a “SAFT” (Simple Agreement for Future Tokens), as seen here Bloomberg report.
This recent financial achievement highlights substantial growth compared to previous reports, which projected a lower funding of around US$69 million, with a valuation that would reach at least US$1 billion. Berachain, however, chose not to release a new post-funding valuation.
The platform, which is compatible with Ethereum, recently implemented a test version and has already recorded significant volume, processing more than 100 million transactions. This milestone underlines investors’ robust interest and growing confidence in the technological infrastructure offered by Berachain.
A practical blockchain trilemma consists of 3 pillars – real users, developers, and capital formation.
Berachain transforms this into the Proof of Liquidity flywheel.
And as of today, we're excited to announce that we've raised $100M co-led by @BHDigitalAssets and @hiframework https://t.co/gmK4Cn7QuO
— Smokey The Bera 🐻⛓ (@SmokeyTheBera) April 12, 2024
In the context of venture capital in the cryptocurrency sector, a 32% growth was observed in the last quarter, reaching a total of US$2,5 billion in investments, according to Pitchbook data mentioned by Bloomberg. This scenario indicates a strengthening of investor confidence in startups blockchain and in cryptocurrencies as a whole.
The capital acquired in this round will be used to expand Berachain's presence in strategic markets, including Hong Kong, Singapore, Southeast Asia, Latin America and Africa. This expansion plan reflects the platform's global ambition and its intention to further consolidate its influence in the blockchain sector.
Smokey The Bera, co-founder of Berachain, expressed his optimistic view on the recent success: “We see this increase as an important validation of our approach to building a blockchain based on feedback from real users and developers and delivering value to the groups that are contributing to the network growth.”
