Singapore, April 17, 2024 (GLOBE NEWSWIRE) -- Merlin Chain, a pioneering Bitcoin Layer 2 solution, is thrilled to announce a successful new round of funding co-led by the Spartan Group and Hailstone Labs with significant contributions from Amber Group, Presto Labs, and IOBC Ventures. This strategic partnership marks an important milestone in Merlin Chain's journey, positioning it at the forefront of the Bitcoin ecosystem's evolution.
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!"
Strengthening Foundations with Global Backers and Safeguards
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. This support underlines the strength of Chinese entrepreneurs and investors in the Bitcoin ecosystem.
With a TVL of $4 billion, security is Merlin Chain's paramount concern. To this end, Merlin Chain has established the Merlin Security Council, which includes well-known entities such as Slowmist, BlockSec, Salus, Secure3, ScaleBit and Revoke.Cash. With a focus on research, education and technological development, the council is a pivotal element in its strategy to attract white-hat hackers and innovative DApps, ensuring the ongoing safety and growth of the Merlin ecosystem.
Revolutionizing Blockchain with Advanced Tech
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. This network is crucial for integrating external data with the blockchain, ensuring that power is distributed fairly and risks are managed effectively, thereby stabilizing the ecosystem.
Central to Merlin’s technological advancements are the strategically placed sequence nodes within the oracle network. These nodes are vital for maintaining the integrity of the blockchain's ledger and facilitating the consensus process. They play a key role in organizing and processing transactions efficiently.
Merlin Chain utilizes zero-knowledge (ZK) proofs, a form of cryptographic security that allows transaction verification without revealing any underlying data. This method, combined with Bitcoin's Taproot upgrade, significantly enhances privacy and efficiency. Taproot simplifies complex transactions on the Bitcoin network by merging multiple signatures into a single transaction, reducing the data needed and ensuring transactions are more private.
Advancing Bitcoin's L2 Ecosystem Through Community
Merlin Chain's success is not just a product of strategic marketing but is deeply rooted in its cutting-edge technology and the robust support from its community. This support is evidenced by its rapid growth and the trust placed in us by top-tier investors and the wider community.
In an era where Bitcoin Layer 2 solutions are becoming increasingly crucial, Merlin Chain stands out as a robust competitor, even against established entities like ETH Layer 2 solutions. Merlin’s approach has been fundamentally community-driven, focusing on assets that garner early recognition and foster community cohesion. Noteworthy examples include its BRC-420 assets like the Blue Box, which have significantly contributed to its ecosystem's growth.
Merlin Chain is also actively expanding its DApp ecosystem by partnering with established Ethereum Virtual Machine (EVM) teams in key sectors such as gaming, DeFi, and social platforms. Their collaborations with high-profile projects and platforms are setting new standards for interoperability and innovation in the blockchain space.
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.
Merlin Chain invites the community and interested parties to join in this exciting journey as it continues to develop and expand its capabilities, paving the way for a more interconnected and efficient blockchain ecosystem.
About Merlin Chain
Merlin Chain is a leading Bitcoin Layer 2 solution that facilitates fast, scalable, and secure transactions within the Bitcoin ecosystem. It is designed to enhance Bitcoin's usability while maintaining the highest security standards. By leveraging innovative technologies and strategic partnerships, Merlin Chain aims to expand Bitcoin's utility and foster the development of a comprehensive decentralized application ecosystem.
Twitter | Discord | Merlin Chain Wiki
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
CONTACT: Joe Peng contact at merlinchain.com
