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DeFi-Focused Berachain Raises $100M in Funding Round Led by Brevan Howard Digital

Berachain, a Layer 1 blockchain platform with a focus on decentralized finance (DeFi), has revealed its successful attainment of $100 million in funding. Spearheaded by Brevan Howard Digital and Framework Ventures, this funding round marks a significant milestone for the company. Joining the ranks of supporters are notable names such as Polychain Capital, Samsung Next, Hack VC, Animoca Brands, Hashkey Capital, as well as contributions from Sandeep Nailwal, co-founder of Polygon, among others. The announcement was disseminated via the social media platform X, signaling a promising trajectory for Berachain’s endeavors in the DeFi space.

What is Berachain?

Berachain was established by a trio of anonymous developers known as Smokey the Bear, Homme Bera, and Dev Bear. The platform positions itself as a high-performance EVM-compatible blockchain, boasting a unique Proof-of-Liquidity consensus mechanism. This innovative approach aims to synchronize network incentives, fostering a robust partnership between Berachain validators and the wider ecosystem of projects.

According to its website, in 2023, Berachain secured a notable achievement by raising a total of $42 million in its Series A funding round, valuing the company at $420.69 million. Leading the charge in this funding endeavor was Polychain Capital, facilitating investment influx from various entities. Among these investors were Hack VC, CitizenX, Dao5, Tribe Capital, Robot Ventures, Shima Capital, as well as several venture funds associated with centralized exchanges, as announced by the company via Twitter.

Crypto Recovery Triggers Increased VC Funding

In the first quarter of 2024, venture capital funding in the Web3, gaming, AI, and crypto sectors experienced a notable surge, marking the end of a two-year downtrend. Data compiled by crypto analysis platform Crypto Koryo, as reported by Ruholamin Haqshanas of Cryptonews, reveals substantial increases in both the total investment volume and the number of projects receiving VC funding compared to Q4 2023.

The data highlights a significant 38% uptick in funds invested during the quarter, indicating a revitalized investor confidence in the crypto industry. Furthermore, there has been an impressive 49% rise in the number of projects securing funding, a level not seen since Q4 2021.

Adding to this momentum, Andreessen Horowitz (a16z), a prominent Silicon Valley-based venture capital firm founded by Marc Andreessen and Ben Horowitz, recently announced a $30 million investment in gaming startups. Andrew Chen, a general partner for a16z Games, shared the funding announcement on the social media platform X. Chen revealed that the firm will allocate the $30 million through its a16z Speedrun program, with each startup receiving $750 thousand. The application deadline for funding is May 19, with shortlisted candidates to be notified by the end of July.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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