Quick take:
The fundraising also attracted participation from ArkStream Capital, Aquarius Fund, Flowdesk, GSR, Origin Protocol and Mantle EcoFund.
Mezo emerged from stealth in April, raising $21 million in a round led by Pantera Capital.
The company is building a “Bitcoin economic layer” allowing Bitcoin holders to earn yield.
Mezo, a Bitcoin scaling network built by Thesis has secured a $7.5 million strategic round led by Ledger Cathay Fund, the Ledger wallet provider’s venture fund. The fundraising also attracted participation from ArkStream Capital, Aquarius Fund, Flowdesk, GSR, Origin Protocol and Mantle EcoFund.
Mezo has now raised a total of $30 million, following a $21 million funding round announced in April. Explaining how the total raised got to $30 million, Matt Luongo, founder of Mezo and CEO of Thesis told The Block: “There were some additional checks put in following the last announcement that were not included in this strategic round.”
According to Luongo, the Mezo platform has already onboarded 12,000 users who have deposited about 2,376 BTC, currently worth about $160 million.
Mezo plans to use the fresh capital to accelerate the adoption of its network, including integrating with its other products including its Bitcoin staking platform, Acre, which lets users mint liquid staked bitcoin (stBTC) by depositing Thesis’ (tBTC) or WBTC into Mezo. Users can then use stBTC across various applications on the Bitcoin ecosystem to earn yield.
Ledger, whose venture fund led the round also plans to integrate Mezo into its suite of products, Luongo said.
Although Mezo has not launched the MEZO token yet, Luongo maintains such plans will be announced later. The company uses a points-based program dubbed “Proof of HODL”, which generates scores based on the length of time a contributor keeps their Bitcoins in store.
Details about whether the points earned from the “Proof of HODL” program will be converted into Mezo tokens will also be revealed at a later date, Luongo added.
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The post Ledger Cathay Fund Leads $7.5M Strategic Round for Bitcoin Scaling Network Mezo appeared first on NFTgators .