Bitcoin

Mezo, Bitcoin’s Scaling Network, Secures $21 Million Funding 

Mezo, an innovative Bitcoin “economic layer” developed by Thesis, has successfully raised $21 million in funding, the company announced.

Accepting deposits in BTC, TBTC, and WBTC, Mezo emerges from stealth mode with substantial financial backing, primarily led by Pantera Capital. Other investors participating in the funding round include Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures.

Matt Luongo, CEO of Thesis and founder of Mezo, revealed that the fundraising for Mezo commenced in December and concluded recently. The $21 million funding was secured through two tranches, although specific details regarding valuation and the structure of the round remain undisclosed. Nevertheless, Mezo will introduce its native token.

What is Mezo?

Described as a Bitcoin “economic layer,” Mezo aims to build an ecosystem of applications tailored to users’ economic needs, spanning from groceries to tuition. Luongo articulated the ambition of Mezo to extend the Bitcoin network, aiming to incorporate approximately 25% of the world’s economy onto the blockchain, a scale comparable to the current size of the US economy.

Utilizing “proof of HODL” as its consensus mechanism, Mezo enables users to secure the network by staking BTC and MEZO tokens. This approach aligns Mezo economically with BTC holders, who can stake and earn rewards for their participation in running the network.

With over $26 million in total value locked through bitcoin deposits, Mezo has initiated its operations, emphasizing the importance of locking bitcoin deposits for accruing a higher HODL score, which functions as a points program.

Moreover, upon joining Mezo, users receive five one-time invitations to extend to their friends, with the platform subsequently distributing reciprocal earnings based on the duration and amount of their friends’ Bitcoin deposits made through these invitations.

In addition to BTC, Mezo supports deposits of TBTC and WBTC, both wrapped bitcoin variants developed by Thesis.

The funding round for Mezo elevates the total funding for all Thesis projects to over $90 million, according to Luongo. Currently, 48 individuals are engaged in Thesis projects, with plans underway to nearly double the headcount for this year.

Featured Image: Freepik

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