Merlin Chain, a pioneering Bitcoin Layer 2 solution, has secured a new round of funding co-led by the Spartan Group and Hailstone Labs. The strategic investment also includes significant contributions from Amber Group, Presto Labs, and IOBC Ventures.
Since its last funding round, Merlin Chain has successfully launched its mainnet, which has rapidly gained traction within the industry. The platform has already facilitated over 9 million transactions and hosts more than 70 live projects with a Total Value Locked (TVL) exceeding $4 billion.
The addition of esteemed backers like Spartan Group will empower Merlin Chain to delve deeper into the institutional management scene, leveraging the new BTC staking narrative. This innovative approach offers an enhanced yield on Bitcoin, affirming its status as a pivotal ‘storage of value.’
‘We are believers that the rapid development in the BTC ecosystem, including efforts to introduce smart contract capabilities to BTC, will unlock billions of value on-chain,’ said Kelvin Koh, Co-Founder and Managing Partner of Spartan Group. Koh expressed his support for Merlin Chain, noting, ‘We are proud to back the Merlin team led by Jeff as they truly understand this vision and the mindset of the BTC community – prioritizing fair launches and distribution and grassroots-led growth of the entire ecosystem!’
Merlin Chain’s founder, Jeff, a seasoned entrepreneur in Web2, has secured funding from top-tier institutions such as Sequoia Capital, IDG Capital, BAI Capital (Bertelsmann), 5Y Capital, and Vitalbridge Capital. With over 20 investment institutions on board, led by OKX Venture, ABCED, Forsight Ventures, and ArkStream Capital, alongside major mining pools like viaBTC, the platform is well-equipped for both security and technological advancement.
Merlin Chain is setting new standards in the blockchain domain with its innovative architecture that enhances security, scalability, and transparency. At the core of Merlin’s system is a multi-tiered structure supported by a decentralized oracle network, which is crucial for integrating external data with the blockchain and ensuring fair power distribution and effective risk management.
With its latest funding round, Merlin Chain is poised for unprecedented growth. The protocol is committed to leading the charge in the Bitcoin ecosystem, driving innovation and delivering value to its users and stakeholders.
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