According to Bloomberg, Berachain, a decentralized finance (DeFi) project, has raised $150 million in a funding round led by Brevan Howard Digital and Framework Ventures. The project is raising money by selling digital tokens that will be worth $1.5 billion. Berachain focuses on DeFi, allowing trading, lending, and borrowing without using traditional intermediaries like banks. It was one of the first cryptocurrency projects to achieve unicorn status, with a valuation of at least $1 billion.

Berachain has pseudonymous co-founders, including 'Satoshi Nakamoto' and 'Vitalik Buterin'. While $BTC has reached an all-time high this year, the overall DeFi market has yet to keep up. The total value of tokens sent to the DeFi sector is around $103 billion, compared to more than $180 billion at its peak in November 2021.

The project has three main tokens: BERA, BGT and Honey stablecoin. The beta version of the blockchain was released to the public in January and the project is yet to fully launch. Berachain's previous investors include Polychain Capital, Hack VC, Robot Ventures, and others. Venture capital deals in the cryptocurrency sector have skyrocketed in recent years, with investors pouring billions of dollars into the space.