Following a $21 million funding round headed by Pantera Capital, blockchain venture studio Thesis has revealed Mezo, a Bitcoin layer-2 network, from stealth.
Thesis claimed on Tuesday that Multicoin, Hack VC, ParaFi Capital, Nascent, Primitive Ventures, Asymmetric Ventures, Dan Held, and DCF God were also participating in the fundraising. Thesis described Mezo as a “permissionless Bitcoin economic layer that leverages a neutral smart contract infrastructure” to provide consumers with a multitude of applications.
It is intended to enable users “to access applications that use Bitcoin for everything, enabling a thriving circular economy,” according to the venture firm. It also aims to enhance the architecture of the Bitcoin blockchain and facilitate inexpensive and quick transactions. With the help of Thesis’ Ethereum token tBTC, which is backed by bitcoin and enables users to access Ethereum’s decentralised finance (DeFi) ecosystem, Mezo will launch. According to the press release, Matt Luongo, the founder of Mezo and CEO of Thesis, “our goal with Mezo is to extend the Bitcoin network to bring 25% of the world’s economy on-chain – roughly in line with the size of the U.S. economy today.” With Mezo, users may keep their bitcoin and get paid for protecting the network.
Luongo continued, “Mezo allows you to HODL your Bitcoin with purpose, sustaining the Bitcoin economy, swapping out essential online infrastructure, and realising the full potential of your Bitcoin.”