Developed by Thesis, a popular Bitcoin scaling network, Mezo, has commenced a $12 million funding program. The funding is being led by Pantera Capital, which has many more companies as participants. The participants are Primitive Ventures, Multicoin Capital, ParaFi Capital, Hack VC, Asymmetric Ventures, Nascent, Draper Associates, and many more.
This funding exercise commenced in December 2023 and closed in April 2024. The funding program took place in two phases, which allowed it to secure $21 million successfully during the funding process. When asked about the company valuation and the structure of the funding program, the CEO and founder of Mezo, Matt Luongo, declined to comment but said that Mezo would soon come with its native token.
The CEO explained Mezo operations as a permissionless BTC economic layer, purposely designed to take advantage of an even smart contract system to provide various applications to its users. It is programmed to augment the Bitcoin blockchain system, providing cheaper and faster cryptocurrency transactions by granting users unrestricted access to applications that use Bitcoin daily.
Mezo CEO to Broaden the System, Targets Bitcoin Holders
The founder of Mezo is looking to broaden the Bitcoin network to bring 25% of the global economy to the chain. Matt’s proposed economic size is the same as the current economy of the United States. Mezo uses proof of HODL as a binding mechanism to achieve these feet. Users can protect the network by locking their MEZO and BTC.
The aim is to make Mezo economically align with Bitcoin holders who have adopted the art of staking and earning rewards to maintain the network. Mezo has launched a Bitcoin deposit that’s currently doing well, with more than $26 million worth of assets. According to the company’s website, the longer the deposited Bitcoin assets are locked up on the platform, the bigger their HODL score.
Matt says that users will be getting five different one-time opportunities to widen their friend zone after signing up to join Mezo. The company wants to share “reciprocal earnings “according to the amount and how long the user’s friend’s deposited Bitcoin assets scales through the invite.
Mezo Working to Increase Blockchain Adaptation and Efficiency
Aside from Bitcoin, Mezo users can deposit a wrapped Bitcoin known as the Thesis-built TBTC and the WBTC (another wrapped Bitcoin firm). The total funding for the thesis projects by Mezo has exceeded a little over $90 million. Currently, 48 people are on the Thesis projects, and the company wants to double the number before the year runs out.
Mezo’s scaling solution aims to increase the Bitcoin blockchain’s throughput and efficiency so that transactions may happen more quickly and affordably. Using cutting-edge technologies like off-chain processing and layer-two scaling, Mezo hopes to improve the scalability and reduce congestion on the Bitcoin network without sacrificing security or decentralization.
Pantera Capital says its decision to lead the funding round is indicative of its belief in Mezo’s technology and its ability to propel significant developments within the Bitcoin ecosystem. According to industry analyst Yogita Khatri from The Block, the backing of Pantera Capital, an experienced investor focused on blockchain and cryptocurrency projects, gives Mezo’s scaling initiatives legitimacy and recognition.
Mezo CEO Appreciates Investors, Recounts the Company’s Commitment to Bitcoin
On its website, the company says that the $21 million that Mezo has raised will go toward growing its staff, quickening go-to-market initiatives, and developing and implementing its scaling solution. With this funding infusion, Mezo is in a solid position to advance Bitcoin’s scalability and meet the growing demand for more networks.
The CEO of Mezo thanked investors in a statement issued after the investment round and reiterated the company’s dedication to providing cutting-edge solutions that improve Bitcoin’s usability and accessibility.
Khatri has described Mezo’s initiatives as a positive step toward achieving Bitcoin’s full potential as a scalable and effective payment network, particularly when scalability remains a major obstacle for the cryptocurrency sector.