Bitcoin Layer 2 Platform Raises $21 Million from Mezo, Pantera Capital and Others
Thesis, a startup studio founded in 2014, introduced Mezo today. Mezo is a Bitcoin layer-2 solution that the thesis labels the “Bitcoin Economic Layer.” Moreover, this launch comes on the heels of a successful $21 million Series A financing round.
Series A Financing of Bitcoin Layer 2 Mezo
The Series A round of the Bitcoin Layer 2 solution was led by Pantera Capital and supported by Multicoin, Hack VC, Draper Associates and others. It marks a significant milestone for the BTC Layer 2 solution as it is now supported by some well-known participants in the investment landscape.
Mezo differentiates itself by offering users access to applications that facilitate the use of Bitcoin tokens. Moreover, it focuses on promoting a circular Bitcoin economy beyond pure savings. “I think what differentiates the economic layer from other chains is that it does good things for Bitcoin, both in terms of money and the network,” Matt Luongo, CEO of Thesis and founder of Mezo, said, according to Fortune.
One of Mezo’s key features is its “POOO OF HODL” points program, which encourages users to keep their Bitcoin assets active on the platform. As Luongo stated, Mezo aims to make Bitcoin holdings more than just empty assets by encouraging users to actively engage with the network.
“We want to make sure that people who have Bitcoin can actually manage this chain,” Luongo emphasized. The longer users hold and use their tokens on Mezo, the more integrated they become with the platform. Therefore, they earn rewards for ensuring the security of the network.
Also Read: Bitcoin Price Will Fall Below $20K by the End of 2024: Deutsche Bank Survey
Low Cost and Hassle-free Transactions on Mezo
Additionally, Mezo meets the need for cheaper and faster transactions without compromising the basic 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 powered by Tez-made tBTC, which facilitates “trust-minimized” bridging between various ecosystems. Additionally, Anjan Vinod, principal at ParaFi Capital, praised the launch of Mezo as a testament to tBTC’s potential to increase the utility of Bitcoin as an asset.
“This feels like a groundbreaking moment for Bitcoin, not just as an asset but as a technology,” said Dan Morehead, founder and managing partner of Pantera Capital. He stated that the Bitcoin community is ready to use its assets beyond mere holding. This marks a shift towards more active engagement with technology.
Also Read: Bitcoin ETF Flows Turn Negative But BTC Price Remains Stable at $71,300
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