George Town, Cayman Islands, April 05, 2024 (GLOBE NEWSWIRE) -- In a landmark move for the Bitcoin Economy, Zulu Network, the first Two-Tiered Bitcoin Layer 2 offering EVM and UTXO support, has successfully closed $3 million in pre-seed funding, marking a significant milestone in reshaping the Bitcoin ecosystem. This pre-seed investment featured participation from Cryptogram Venture (CGV), D11 Labs, Web3.com Ventures, Satoshi Labs, Splinter Node Capital, Polk Street Capital, BlueRun Ventures China, Ledger Capital, Link Capital, Jingle Mining,Waterdrip Capital, K24 Ventures, and CatcherVC, among others.
Introducing Zulu Network
As a pioneer in the realm of Bitcoin Layer 2 solutions, boasting a unique two-tiered architecture, the platform supports both EVM and UTXO, paving the way for revolutionary advancements within the Bitcoin ecosystem.
As the first to pioneer a dual-layer architecture on Bitcoin (L2 & L3), Zulu Network introduces:
ZuluPrime (EVM): an EVM-compatible L2 platform aimed at building a new BitFi (Bitcoin DeFi) ecosystem through smart contracts and decentralized applications (dApps).
ZuluNexus (UTXO): a L3 platform that integrates the scalability of UTXO and focuses on innovation of Bitcoin’s original ecosystem and native assets.
Decentralized Bitcoin Bridge Infrastructure: Zulu Network is building the first decentralized Bitcoin bridges to connect all Bitcoin Layer 2s and the entire crypto ecosystem to the Bitcoin ecosystem.
Zulu is building and empowering a wide ecosystem within the Bitcoin economy, allowing native Bitcoin assets to engage with sophisticated DeFi applications and Financial Services, while preserving the original security, reliability, and capabilities of the Bitcoin Network.
“Zulu Network's innovative dual-layer network structure within the Bitcoin ecosystem not only provides users with more stable and innovative services but also offers tremendous value and potential for DeFi applications. The EVM compatibility and smart contract functionality of ZuluPrime, along with the hybrid design of UTXO and account types in ZuluNexus, represent new directions for the future development of the Bitcoin ecosystem” - Steve Chiu, founder of CGV, a leading blockchain investment and fund of funds (FoF).
This funding will initiate a new era of BitFi (Bitcoin DeFi) and expand the potential of Bitcoin native assets across the whole crypto space. Specifically, the areas that Zulu will focus on are:
- Dual-layer Architecture: The Zulu Network will use its funding to enhance the infrastructure of ZuluPrime and ZuluNexus, focusing on EVM compatibility, UTXO scalability, and smart contract functionality to create a versatile platform for DeFi applications.
- Decentralized Bitcoin Bridge Advancement: As the first to build a fully decentralized Bitcoin Bridge, Zulu Network will allocate a substantial amount of effort into advancing its bridge infrastructure capabilities, connecting not only all Bitcoin Layer 2, but also the whole crypto industry to Bitcoin through a unique bridge architecture.
- Ecosystem Expansion: Investment in ecosystem expansion aims to attract developers for innovative BitFi applications and establish strategic partnerships, broadening the adoption and utility of Bitcoin DeFi.
- Research & Development (R&D): Zulu Network allocates funds towards research and development focused on Bitcoin, aiming to explore new technologies and methodologies that enhance Bitcoin's capabilities and integration within the Zulu architecture.
It is reported that the Alpha version of the Zulu Network Test Network will be launched on April 5th. The Test Network focus will be on BitFi development and support of BTC native assets while maintaining the security, reliability, and functionality Bitcoin is known for.
“This is just the beginning for Zulu Network,” says Eric Lifson, Co-Founder at Zulu Network. “We are very excited about having the opportunity to revolutionize the Bitcoin Network and want to give special thanks to all investors participating in this funding. We are not just building a Layer 2. We are creating a whole new infrastructure on top of Bitcoin. This year marks the beginning of a BitFi revolution, with Zulu Network at the forefront of BTC innovation. The Zulu Network ecosystem will realize what everyone dreamed decentralization could become.”
Zulu Network invites everyone to join their mission to revolutionize the Bitcoin economy together and is planning to release an exciting ecosystem Point System for community participation soon.
Learn more about Zulu Network at https://zulunetwork.io/ and read more about their game-changing technical architecture at https://docs.zulunetwork.io/.
About Zulu Network: Revolutionizing Bitcoin with two Layers (L2 & L3) and a Decentralized Bitcoin Bridge Infrastructure.
Zulu Network represents a ground-breaking advancement in the Bitcoin ecosystem, introducing a two-layer architecture to expand the capabilities of the Bitcoin Network: ZuluPrime (L2) to take BitFi (Bitcoin DeFi) to the next level with EVM, and ZuluNexus (L3) to expand the native features of Bitcoin with UTXO innovation.
As the first of its kind, Zulu Network’s Decentralized Bitcoin Bridge will connect all Bitcoin Layer2 ecosystems, and the entire crypto space to the strongest network in the world: The Bitcoin Network, unlocking the Bitcoin Economy, BitFi, and opening up innovation for ALL Devs and Users.
Introducing Zulu Network: A pioneer in the realm of Bitcoin Layer 2 solutions, boasting a unique two-tiered architecture. Zulu Network supports both EVM and UTXO, revolutionizing the possibilities within the Bitcoin ecosystem.
Zulu Network is the Bitcoin Layer 2 for an Open Future. Zulu invites everyone to join them in a groundbreaking journey towards seamless innovation and revolution of the Bitcoin economy.
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: Christine Guo Zulu Network contact at zulunetwork.io
