Layer-1 Blockchain Berachain Nets $100,000,000 in Series B Funding Round

A new layer-1 blockchain has raised nine figures in a series B funding round that featured tech giant Samsung and several crypto venture capital firms.

In a new announcement, the decentralized finance (DeFi)-focusedblockchain Berachain (BERA) says that its latest funding round raised a staggering $100 million led by Brevan Howard Digital and Framework Ventures.

Some notable companies that invested in Berachain include Samsung Next, HashKey Capital, Animoca Ventures and Nomad Capital.

As stated by Berachain co-founder Smokey The Bera, according to Bloomberg,

We see this raise as a major validation of our approach to building a blockchain thats built on feedback from real users and developers, and driving value to those groups who are actually contributing to the networks growth.

According to Berachains website, Berachain is designed to have some interoperability with Ethereum (ETH) smart contracts and tools. However, it cannot replicate the Ethereum Virtual Machine (EVM) environment in its entirety.

[Berachain] provides a degree of compatibility [with ETH], making it easier to port applications and assets. EVM-compatible chains might support Ethereum’s smart contract languages and tools to a certain extent, but there could be differences in functionality, performance, or security features

Berachain is an EVM-compatible layer-1 blockchain built on top of the Cosmos-SDK (software development kit) that supports all the same tooling, operations, and adds additional functionality built into the chain that optimizes for proof-of-liquidity and typical abstracted use-cases (decentralized exchanges, Oracles, etc).

The blockchain will have three assets the BERA token, which will be used to conduct transactions on the chain; the BGT token, which will serve as its governance coin; and HONEY, the protocols collateralized stablecoin.

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This article was originally reported on The Daily Hodl.