NEW
YORK, Aug. 8, 2024 /PRNewswire/ -- Nexio, a
pioneering Bitcoin scaling solution leveraging
parallelized rollup technology, today announced that it has raised
$2.2 million in pre-seed funding from
a diverse roster of prominent industry investors. This funding will
enable Nexio to accelerate the development and adoption of its
parallelized Bitcoin rollup technology, aiming to
revolutionize Bitcoin's scalability and usability.
Concurrent with the pre-seed funding, Nexio is launching its
parallelized Bitcoin rollup powered by the MoveVM,
which supports over 30,000 transactions per second with gas fees
maintained below $0.01. This
technology addresses critical challenges in the
Bitcoin ecosystem, including slow transaction times,
high gas fees, poor security in scaling solutions, and inadequate
tooling that have hindered mass adoption.
Nexio's adoption of the MoveVM sets a new standard for security
in Bitcoin scaling solutions. Originally developed by
Facebook, MoveVM addresses critical vulnerabilities that have
plagued traditional EVM-based systems. Move's linear type system
ensures that there is always a single "owner" for a resource. This
is vital for representing digital assets, where double-spending is
a concern. It embraces a linear execution and utility system that
prevents reentrancy attacks. The MoveVM could have prevented 84% of
crypto hacks between 2016-2022, potentially saving
over $4.6 billion in assets.
Nexio's technology combines a zk-Rollup, Multi-Party Computation
Threshold Signature Scheme, and the Fractal interpreter to set new
standards in speed, security, and interoperability. By utilizing
MPC Threshold Signatures, Nexio prevents single points of failure,
offering robust, decentralized transaction validation
that is more secure than traditional multisig approaches.
"Nexio's vision is to unlock Bitcoin's full
potential by providing a scalable, secure, and cost-effective
infrastructure," said Charlie
Gordon, co-founder of Nexio. "Our technology, combined with
advanced cryptographic techniques, will enable a new era of
innovation and adoption within the Bitcoin ecosystem,
supporting complex DeFi applications, gaming
platforms, NFT marketplaces, and infrastructure projects."
This round of investors was led by Lattice, with participation
from HTX Ventures, Artichoke Capital, Morningstar Ventures,
Sharding Capital, SNZ Holding, Sats Ventures, Wise3 Ventures, and
other notable partners. The raise also involved angel investors,
such as Paper Ventures' Danish Chaudhry, ex-BlackRock's
Paul Taylor, ex-ParaFi Santiago R
Santos, Comfy Capital, Movement Labs' Rushi
Manche, Elixir Protocol's Tim
Wang, Notifi's Paul Kim, and
R89 Capital.
"Nexio's innovative approach to Bitcoin scaling is
truly groundbreaking," said Rushi
Manche, co-founder of Movement Labs. "By leveraging our
Movement SDK and integrating the MoveVM and Fractal EVM bytecode
interpreter, Nexio is not only enhancing Bitcoin's
capabilities but also bridging the gap between different blockchain
ecosystems. This collaboration exemplifies the kind of innovation
that will drive the future of blockchain technology."
Through its partnership with Movement Labs, Nexio has built a
framework that combines horizontal interoperability through
high-throughput modular Move Virtual Machines with vertical
composability. This integration enables developers to build with
Aptos move, Sui move, and Solidity, ensuring robust cross-chain
functionality and seamless asset movement across platforms.
Nexio aims to achieve several key milestones in the next 6-12
months, including the rollout of a permissionless testnet and the
subsequent launch of their mainnet solution. These developments
will mark significant steps toward revolutionizing the
Bitcoin ecosystem with enhanced scalability, security,
and interoperability.
About Nexio
Nexio is revolutionizing
Bitcoin scalability through a parallelized
Bitcoin rollup. The team is building a suite of
products and services that empower developers to leverage the power
of Bitcoin for complex DeFi applications,
gaming platforms, NFT marketplaces, and infrastructure projects
without compromising on security or efficiency. Nexio's technology
supports over 30,000 transactions per second with ultra-low gas
fees, making it ideal for high-frequency applications. Led by
co-founders with significant expertise in Bitcoin zkVM
rollup development, Nexio is setting new standards in blockchain
technology.
For more information, follow on X @buildnexio and on
Discord
About Movement Labs
Movement Labs, founded in 2022 by
Rushi Manche and Cooper Scanlon, is building a blockchain network
that powers a secure, high-performance Layer 2 on
Ethereum. By bringing the MoveVM to
Ethereum through its flagship L2, Movement Labs aims
to enhance smart contract security and scalability.
For more about Movement Labs and a guide to participating in its
testnet, please visit: movementlabs.xyz, follow on X
@movementlabsxyz and on Discord.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nexio-raises-2-2m-in-pre-seed-funding-launches-parallelized-bitcoin-rollup-to-revolutionize-bitcoins-scalability-302217459.html
SOURCE Nexio