Mezo, a groundbreaking Bitcoin (BTC) layer-2 (L2) network, has emerged from secrecy, securing an impressive $21 million in venture capital.
Leading the funding round is Pantera Capital, with significant contributions from Multicoin, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures and Asymmetric Ventures.
Prominent individual investors such as Dan Held, Tim Draper and DCF God have also shown their support.
Developed by Thesis, a blockchain venture studio, Mezo operates as a permissionless economic layer for Bitcoin, harnessing a neutral smart contract framework to offer diverse applications.
The platform represents a vital addition to the growing landscape of Bitcoin L2 networks, aiming to extend the utility of the cryptocurrency beyond traditional trading.
The thesis commenced its fundraising campaign for Mezo back in December 2023, culminating in the closure of this substantial $21 million round.
According to the company, Mezo functions as a “permissionless Bitcoin economic layer,” leveraging a neutral smart contract infrastructure to facilitate various user applications.
One of the platform’s key objectives is to optimize Bitcoin’s infrastructure, enabling cost-effective and rapid transactions.
Users can access a wide range of applications utilizing Bitcoin across different domains, thereby fostering a vibrant circular economy.
A notable feature of Mezo is its “Proof of HODL” points program, incentivizing users to actively engage with their Bitcoin holdings within the platform.
Matt Luongo, CEO of Thesis and founder of Mezo, highlighted the platform’s mission to transform Bitcoin holdings from passive assets to actively engaged assets within the network, rewarding users for bolstering network security.
Mezo plans to introduce a Bitcoin-backed Ethereum (ETH) token, tBTC, allowing users to participate in Ethereum’s decentralized finance (defi) ecosystem while holding onto their Bitcoin.
Following the successful funding round, Mezo has disclosed that its total value locked (TVL) has surpassed $75 million, with over a thousand active addresses.
This significant investment in Mezo coincides with a resurgence of interest in the crypto space among venture capitalists.
In the first quarter of 2024 alone, global investors poured $2.5 billion into crypto startups, according to PitchBook.
