B² Network Raises Funding to Accelerate Development of Bitcoin Layer 2 ZK Solutions
Posted: Jan 25, 2024 10:15 AM Updated: Jan 25, 2024 10:16 AM
Correction and fact check date: January 25, 2024, 10:15 a.m.
briefly
B² Network has closed a private seed funding round to strengthen its technical capabilities and expand its market reach.
decentralized cryptocurrency bitcoin layer 2 network, B² network, closed an undisclosed seed financing round led by HashKey Capital, OKX Ventures, IDG Capital, Kucoin Labs, ABCDE, Waterdrip Capital, OGs FUND, and Antalpha Group. According to the project team, the newly raised capital will be used to accelerate B² network development, strengthen technical capabilities and expand market reach.
The B² network uses zero-knowledge rollup technology and an on-chain logical gate commitment verification mechanism to solve the scalability challenges faced by Bitcoin while maintaining core principles such as decentralization, trustless operation, and transparent ledger.
The network is designed to be EVM-compatible and user-friendly for developers, and aims to expand the utility and influence of Bitcoin and its evolving derivative assets in the Web3 space by accommodating users with both Bitcoin and Ethereum format account addresses.
It also features the first data availability (DA) layer for Bitcoin rollups.
“We are honored to have invested in B² Network. The Bitcoin ecosystem has seen tremendous growth over the past year. However, Turing incompleteness, transaction costs, and network congestion have limited the versatility of applications. On the other hand, the EVM-compatible B² network solves Bitcoin’s scalability issues while diversifying the Bitcoin ecosystem,” said Dora Yue, founder of OKX Ventures.
“It allows interoperability between Ethereum and Bitcoin for on-chain application development. “It addresses the challenges and requirements of the Bitcoin network, fostering the future development of the ecosystem.”
Bitcoin’s growth momentum
The recent approval of spot Bitcoin ETFs is expected to bring additional capital and attention to the Bitcoin ecosystem. As a result, technological innovation is starting to play a critical role in supporting the continued growth and adoption of the Bitcoin blockchain network.
According to a recent report by OKX Ventures, maturing concepts of layer 2 solutions, along with asset issuance protocols such as BitVM and Bitcoin synthesis, are expected to bring significant advancements to the Bitcoin ecosystem in 2024.
Bitcoin’s layer 2 network is in an early stage of development compared to the layer 2 networks of other blockchains such as Ethereum, but is currently experiencing growth.
Recently, Bitfinity Network, another blockchain project dedicated to creating a Bitcoin layer 2 network, aims to enable Solidity developers and existing EVM-compatible services to build decentralized apps (dApps) with Bitcoin integration. It has raised $7 million in funding from backers such as Polychain Capital and ParaFi Capital. .
B² Network’s recent funding highlights the growing momentum and interest in improving Bitcoin’s scalability and usability, paving the way for growth and increased adoption of the Bitcoin ecosystem.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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