Bitcoin Layer2 BEVM Announces Investment From Bitmain

30 Apr 2024

BTC Layer2 project BEVM has officially disclosed an investment from Bitmain, the leading manufacturer of cryptocurrency mining servers globally. The precise amount of the investment remains undisclosed. Established in 2013, Bitmain still stands today as a significant figure in the digital asset mining hardware production space. Its Bitcoin mining machines previously commanded over 70% of the global market share. Notably, this marks Bitmain's sole investment in the Bitcoin Layer2 domain to date.

Gavin Guo, Core Builder of BEVM Foundation, remarked, "Next, BEVM will delve into exploring Bitcoin hashrate and the PoW ecosystem's application on BEVM, that could help facilitate the migration of trillions of dollars in PoW hashrate assets and a substantial quantity of $BTC to BEVM. This will empower Bitmain assets and unlock liquidity and more diverse financial application scenarios within the BTC Layer2 network."

BEVM serves as the pioneer EVM-compatible Bitcoin L2 network founded on the Taproot Consensus, utilizing BTC as Gas. Leveraging native Bitcoin technologies such as Schnorr Signature, MAST, and Bitcoin Light Node Network, it achieves fully decentralized BTC cross-chain functionality, thereby enabling the trustless integration of BTC into a broader spectrum of applications and facilitating genuine BTC liquidity circulation.

BEVM launched its mainnet on March 28th, boasting over 700,000 user addresses and hosting more than 30 ecosystem projects. BEVM also recently announced it had secured tens of millions of dollars in financing, with investors including RockTree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, and nearly 20 other institutions, resulting in a post-investment valuation of $200 million for the company.

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Jhon Zhang


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