Pantera leads funding round for Mezo, raising an impressive $21m
Mezo, a Bitcoin (BTC) layer-2 (L2) network, has emerged from the shadows with $21 million in venture capital, led by Pantera Capital. Other participants in the funding round include Multicoin, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures. Individual investors such as Dan Held, Tim Draper, and the pseudonymous DCF God also joined the effort. Mezo, developed by Thesis, operates as a permissionless Bitcoin economic layer and utilizes a neutral smart contract framework to offer various applications. The platform aims to enhance Bitcoin’s infrastructure by providing cost-effective and fast transactions, enabling users to access applications across different domains. One of Mezo’s standout features is its “Proof of HODL” points program, which rewards users for actively engaging with their Bitcoin holdings within the network. Mezo also plans to introduce tBTC, a Bitcoin-backed Ethereum (ETH) token, enabling users to participate in Ethereum’s decentralized finance ecosystem while holding Bitcoin. Following the successful funding round, Mezo’s total value locked (TVL) now exceeds $75 million, with over a thousand active addresses. This funding comes as venture capitalists show renewed interest in the crypto space, with global investors investing $2.5 billion in startups during the first quarter of 2024, according to PitchBook.
