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Bitmain Invests in BEVM: Accelerating Bitcoin Layer2 Development

BEVM, a Layer2 project for Bitcoin, has revealed an investment from Bitmain, a prominent manufacturer of cryptocurrency mining servers worldwide. The exact amount of the investment remains undisclosed.

Founded in 2013, Bitmain continues to hold a significant position in the digital asset mining hardware industry. At one point, its Bitcoin mining machines dominated over 70% of the global market. This investment represents Bitmain’s first foray into the Bitcoin Layer2 sector.

Gavin Guo, Core Builder of BEVM Foundation, expressed, “Next, BEVM will explore Bitcoin hashrate and the application of PoW ecosystem on BEVM. This could facilitate the transition of trillions of dollars in PoW hashrate assets and a considerable amount of $BTC to BEVM. This will enhance Bitmain’s assets and unlock liquidity, enabling a wider range of financial applications within the BTC Layer2 network.”

BEVM serves as the pioneering EVM-compatible Bitcoin L2 network, based on the Taproot Consensus and utilizing BTC as Gas. Through native Bitcoin technologies like Schnorr Signature, MAST, and Bitcoin Light Node Network, it achieves fully decentralized BTC cross-chain functionality. This enables the seamless integration of BTC into various applications and promotes genuine BTC liquidity circulation.

BEVM launched its mainnet on March 28th, boasting over 700,000 user addresses and hosting more than 30 ecosystem projects. Recently, BEVM secured significant financing, with investors including RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, and nearly 20 other institutions. This investment has valued the company at $200 million post-investment.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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