Business News Report
February 05, 2024

Merlin Chain Raises Funding to Bolster Bitcoin-Native Innovations

Merlin Chain Raises Funding to Bolster Bitcoin-Native Innovations

Merlin Chain, a native Bitcoin Layer 2 solution developed by Bitmap Tech, announced a successful round of funding (amount undisclosed) from prominent investors.

According to the announcement, the funding includes support from 24 investors such as OKX Ventures, ABCDE, Foresight Ventures and Arkstream Capital, indicating an interest in solutions to enhance the capabilities of the Bitcoin network.

Merlin Chain’s core offering lies in its native scaling solution, which integrates a ZK-Rollup network, decentralized oracle network, and on-chain BTC fraud-proof modules. This approach is designed to empower Bitcoin’s native assets, protocols, and products on Layer1, aiming to reinvigorate interest in the leading cryptocurrency.

According to the announcement, this raise enables the team to continue enriching the ecosystem and boosting the overall liquidity. So far, Merlin Chain has built a robust DApp ecosystem and is planning for further expansion.

Moreover, it is gearing up for the launch of its mainnet, which is scheduled for this week.

Merlin Chain is built by Bitmap Tech, a premier OG team boasting an overall market cap exceeding $500 million. The BRC-420 “Blue Box” collection under Bitmap Tech has become one of the hottest Ordinals assets, going from an inscription cost of $0.15 to an all-time-high (ATH) floor price of $34,000, reaching the 3rd largest market cap following BAYC and CryptoPunks.

In anticipation of the mainnet launch, Merlin Chain plans to host a series of staking events and distribute its governance token through a “fair launch” mechanism. This approach aims to reward genuine users and builders within the community, fostering a sense of inclusivity and equity in the project’s governance model.

Merlin’s Bitcoin-Centric Approach

Merlin Chain’s approach to Bitcoin layer-2 solutions transcends conventional transaction speeds and fee improvements. The team is driven by a vision to unleash the full potential of Bitcoin by harnessing its native assets, users, and protocols to pioneer new and innovative applications.

Focusing on deep integration with Bitcoin’s core elements, Merlin Chain aims to redefine the possibilities of layer-2 solutions. For example, one of Merlin Chain’s goals is to develop games built on the Bitmap platform, providing Bitmap users with seamless access to diverse metaverses at an affordable cost.

Furthermore, the project seeks to create decentralized finance (DeFi) protocols that empower both Non-Fungible Tokens (NFTs) and Fungible Tokens (FTs), facilitating a symbiotic relationship between these two asset classes.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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