B² Network Raises Funding to Accelerate Development of Bitcoin Layer 2 ZK Solutions
B² Network concluded an undisclosed seed round of funding to enhance its technological capabilities and extend market reach.
Decentralized cryptocurrency Bitcoin Layer 2 network, B² Network, concluded a undisclosed seed round of financing led by HashKey Capital, OKX Ventures, IDG Capital, Kucoin Labs, ABCDE, Waterdrip Capital, OGs FUND and Antalpha Group, among others. According to the project team, the newly raised capital will be used to accelerate the B² Network development, enhance its technological capabilities and extend market reach.
B² Network uses Zero-Knowledge rollup technology and an on-chain logical gate commitment verification mechanism to tackle the scalability issues faced by Bitcoin while upholding key principles such as decentralization, trustless operations and a transparent ledger.
The network is designed to be EVM-compatible, user-friendly for developers, and accommodates users with both Bitcoin and Ethereum format account addresses, aiming to broaden the utility and influence of Bitcoin and its evolving derivative assets in the Web3 space.
Additionally, it holds the distinction of being the first data availability (DA) layer for Bitcoin rollups.
“We are honored to invest in B² Network. The Bitcoin ecosystem has seen tremendous growth over the past year. However, its diversity of applications has been restricted by its Turing incompleteness, transaction costs and network congestion. On the other hand, B² Network being EVM-compatible, addresses Bitcoin’s scalability issue while diversifying the Bitcoin ecosystem,” said Dora Yue, Founder of OKX Ventures.
“It allows interoperability between Ethereum and Bitcoin for on-chain application development. This addresses the challenges and needs of the Bitcoin network, fostering the future development of its ecosystem.”
Bitcoin’s Growing Momentum
The recent approval of spot Bitcoin ETFs is expected to draw additional capital and interest into the Bitcoin ecosystem. Consequently, technological innovations start playing a crucial role in supporting the ongoing growth and adoption of the Bitcoin blockchain network.
According to a recent report from OKX Ventures, the maturing concept of Layer 2 solutions, along with asset issuance protocols like BitVM and Bitcoin covalents, is expected to bring substantial advancements to the Bitcoin ecosystem in 2024.
Although Layer 2 networks on Bitcoin are in the early stages of development compared to those on other blockchains, such as Ethereum, they are currently experiencing growth.
Recently, another blockchain project dedicated to creating a Bitcoin Layer 2 network — Bitfinity Network raised $7 million in funding from supporters such as Polychain Capital and ParaFi Capital to empower solidity developers and existing EVM-compatible services to construct decentralized apps (dApps) with Bitcoin integration.
The B² Network recent funding highlights the growing momentum and interest in enhancing Bitcoin’s scalability and utility, paving the way for growth of the Bitcoin ecosystem and its increased adoption.
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