Key Points
- Bitcoin scaling network Mezo has raised $21 million in funding led by Pantera Capital.
- Mezo aims to extend the Bitcoin network to bring 25% of the world’s economy on-chain.
Mezo, a scaling network for Bitcoin developed by Thesis, has secured $21 million in funding. The investment round was spearheaded by Pantera Capital, with participation from Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, Asymmetric Ventures, and others.
Funding and Future Plans
The fundraising process for Mezo started in December and concluded this week. The round was carried out in two parts, amounting to a total of $21 million. The CEO of Thesis and founder of Mezo, Matt Luongo, declined to discuss the valuation and structure of the round. However, it was confirmed that Mezo will have its own native token.
About Mezo
Thesis describes Mezo as an “economic layer” for Bitcoin, aiming to establish a network of applications that cater to users’ economic requirements, from daily groceries to education fees. The goal is to expand the Bitcoin network to incorporate approximately 25% of the global economy on-chain, which is comparable to the size of the US economy today.
To secure the network, users lock BTC and MEZO tokens, using a “proof of HODL” consensus mechanism. This approach aligns Mezo economically with BTC holders who stake and earn rewards for running the network.
Mezo has started accepting Bitcoin deposits and has already achieved over $26 million in total value locked, as per its website. The longer users lock their Bitcoin deposits, the higher their HODL score will be. This score is a points-based program.
Upon joining Mezo, users will get five one-time invitations to extend to their friends. Mezo will then distribute earnings based on the duration and amount of their friends’ Bitcoin deposits made through these invitations.
In addition to Bitcoin, users can deposit TBTC, a Thesis-built wrapped Bitcoin, and WBTC, another wrapped Bitcoin, with Mezo.
The funding received by Mezo brings the total funding of all Thesis projects to over $90 million. Currently, 48 people are working on Thesis projects, and there are plans to nearly double the team size this year.
