Quick Take:
- The DeFi project is anticipated to achieve a valuation of $1.5 billion post the funding round’s conclusion.
- The team has previously announced plans to debut its mainnet in the second quarter of 2024.
Berachain, the bear-themed DeFi powerhouse spearheaded by its pseudonymous co-founders, is poised to ascend to unicorn status, having secured a staggering $69 million in a funding round led by Brevan Howard Digital and Framework Ventures, as per sources familiar with the situation cited by Bloomberg.
With this substantial investment, Berachain’s valuation skyrockets to a formidable $1.5 billion, marking a significant milestone in its trajectory, as highlighted in the Bloomberg report.
Built on Cosmos and EVM compatibility, Berachain is a force to be reckoned with in the DeFi arena, offering a comprehensive suite of trading, lending, and borrowing services facilitated by its innovative tri-token system. The platform boasts the native gas token, bera, alongside the honey stablecoin and the pivotal “non-transferable” governance token, BGT. This unique framework empowers users to stake bera for lucrative BGT rewards while actively engaging in governance decisions, all while reaping the benefits of honey rewards.
In the preceding year, Berachain made waves by raising an impressive $42 million in a private token round, spearheaded by Polychain Capital and attracting notable participants such as Hack VC, Shima Capital, Robot Ventures, and Goldentree Asset Management.
While Berachain’s meteoric rise continues to capture attention, the project has yet to respond to The Block’s request for additional commentary, underscoring the fervent anticipation surrounding its next moves.