Berachain Notches $100 Million Funding, Eyes Wider Expansion

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In a recent funding round, Berachain’s Layer 1 blockchain raised $100 million – that’s $45 million more than initially estimated. The company made this announcement in a statement on April 12th. Notable venture capitalists took part in this latest development.

Based on the announcement, the Series B financing for Berachain was headed by Brevan Howard Digital and Framework Ventures. Hack VC, Polychain Capital, and Tribe Capital additionally participated as venture capital firms. This influx of funds occurred during a optimistic market climate following an earlier reported investment of $69 million for the round.

Berachain Seeks Wider Expansion 

Berachain aims to broaden its reach, focusing on users in different continents. The newly acquired funds will help establish a stronger presence in Asian markets, such as Hong Kong and Singapore, as well as other significant locations in Southeast Asia. Additionally, Berachain plans to make inroads into Latin American and African countries.

A platform that uses pseudonymous nicknames with a bear theme is compatible with Ethereum‘s blockchain and is widely praised as a community-led initiative, according to Bloomberg. The company intends to utilize this setup to bring in new users from around the world.

Currently, the test blockchain of the platform has recorded more than 100 million transactions.

Snooke The Co-founder of Berachain, Snooke took notice of the expanding user base and the worth they brought to our network’s community.

This increase in funds signifies significant endorsement for our methodology in constructing a user-driven and developer-focused blockchain. It underscores the importance of their input in shaping its development and delivering benefits to those actively participating in its expansion.

Crypto VC Funding Surges 

Institutional investors significantly boosted their involvement in the digital asset market towards the end of 2023, leading to a surge in investments. Consequently, as more funds flowed in, asset prices began to climb, creating an allure for venture capitalists.

this year, Berachain has secured funding through a number of investments as indicated by market data. Notably, PitchBook reports that venture capital (VC) investment reached $2.5 billion in Q1 2024 – a significant 32% rise compared to the previous quarter. The cryptocurrency community is excited about these investing trends following the recovery from the 2022 market downturn.

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2024-04-12 18:50