- Mezo has secured $7.5 million in a strategic fundraising round led by Ledger Cathay Fund.
- The Bitcoin scaling network, Mezo, will be incorporated by Ledger into its line of products.
The Bitcoin BTC +1.93% scaling network Mezo was developed by Thesis, a startup studio, and has raised $7.5 million in a strategic investment round led by Ledger Cathay Fund.
Thesis announced on Friday that ArkStream Capital, Flowdesk, GSR, Origin Protocol, Mantle EcoFund, Bybit’s ecosystem project, and Flowdesk were among the other investors in the round.
Three months ago, Mezo came out of stealth with $21 million in fundraising led by Pantera Capital, increasing its total funding to $30 million. This round of strategic funding follows. Thesis CEO and Mezo founder Matt Luongo said that some extra checks that were made after the last announcement were not part of this strategic financing.
According to Luongo, Mezo finished the strategic round last week after starting to raise money for it roughly a month ago. Regarding the structure and valuation of the deal, he declined to comment.
The new money for Mezo
With new funds secured, Mezo intends to increase network adoption. This entails adding new products to its network, such Acre, a Bitcoin staking platform that enables users to mint liquid staked bitcoin (stBTC) by adding WBTC +1.92% or tBTC from Thesis to Mezo. Then, to generate extra yield, stBTC can be applied to decentralized applications.
Luongo stated that the platform has over 12,000 members who have deposited roughly 2,376 BTC, which is currently valued at about $160 million, but he declined to comment on the yield that Mezo currently offers. According to Luongo, Mezo rewards its depositors with “Proof of HODL” points, and it has awarded over 1.2 billion points to the top ten users to date.
Luongo responded that further information would be released shortly when asked if those points would eventually be transformed into Mezo’s own cryptocurrency. The launch schedule for the MEZO token will also be revealed later.
According to Luongo, MEZO is a component of our dual-token staking validation process. Staking MEZO allows validators to protect the network. In addition, The primary use case for MEZO is to create a true economic layer for Bitcoin, enabling applications such as the native bitcoin yield provided by Acre, a fellow Thesis project, as well as on-chain social use cases and yet-to-be-announced ones.
For instance, Luongo stated that Ledger intends to incorporate Mezo straight into its line of products, though he would not provide specifics.
Thesis was established in 2013 and has developed a number of initiatives centered around Bitcoin, including as Mezo, Acre, tBTC, and Fold, which just declared its intention to go public. Thesis, which currently employs about 40 people, recently named Kathy Zhu, a former executive at Binance, as its head of the region due to the growing interest in BitcoinFi in the Asia-Pacific area.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
