Berachain Raises $42mn At $420.69mn Valuation
Berachain, a layer 1 blockchain focused on decentralised finance (DeFi), announced its $42 million Series A on Thursday (4/20) at a valuation of $420.69 million.
Polychain Capital led the December fundraise, which included investors Hack VC, dao5, Tribe Capital, Shima Capital, and Robot Ventures, as well as several undisclosed centralised crypto exchanges.
Berachain is a project with a lot of crypto flair, as evidenced by its $420.69 million valuation. It was founded by a group of four pseudonymous founders who call themselves crypto natives. Bera is purposefully misspelt, a sly nod to Hodl’s deranged crypto rallying cry.
Cosmos-based Berachain is, in essence, a rewind to the high-flying, is-this-a-Ponzi DeFi projects of 2021, before all the frauds, bankruptcies and Wells Notices sucked the degeneracy (and yields) out of crypto.
(With inputs from Shikha Singh)
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