Berachain reportedly raises $69 million in latest funding round: Bloomberg

Berachaina bear-themed DeFi project run by pseudonymous co-founders is expected to reach unicorn status after raising more than $69 million in a funding round led by Brevan Howard Digital and Framework Ventures, Bloomberg reported, citing sources are familiar with the issue.

Berachain’s expected value is $1.5 billion after the latest round of funding through token sales, according to Bloomberg. report.

The Cosmos-based, EVM-compatible Berachain focuses with its tri-token system. The platform consists of native gas token bera, honey stablecoin and “non-transferable” governance token BGT, the project said. This mechanism allows users to stake bera to earn BGT and receive rewards in the form of honey for participating in the board.

Last year, Berachain raised $42 million in a private token round led by Polychain Capital, with participants including Hack VC, Shima Capital, Robot Ventures and Goldentree Asset Management.

Berachain did not immediately respond to The Block’s request for further comment.

Upcoming main network

Berachain does is preparing to launch its mainnet, expected in the second quarter of this year. It launched the public testnet called Artio in January.

Berachain’s network uses a unique consensus mechanism called ‘liquidity proof’ said increases security by increasing liquidity. While proof-of-stake networks typically let users choose between contributing to security by staking with a validator or providing on-chain liquidity on a DeFi platform, Berachain’s liquidity proof only allows users to contribute to network security by first provide liquidity to a range of DeFi networks. primitives.