Zulu Network Closes Seed Round with Leading Investors to Integrate EVM and DePIN Layers on Bitcoin
Singapore, Singapore, September 24th, 2024, Chainwire
Coinscribble by Coinbound – Zulu Network, an innovative Bitcoin layer 2 protocol that seamlessly integrates both an EVM (Ethereum Virtual Machine) layer and a DePIN innovation layer, is excited to announce the successful closure of its seed round. The round has attracted prominent investors, including Draper Dragon, Web3.com Ventures, CGV, Panony, D11 Labs and other esteemed venture partners.
Blockchain technology has transformed the way individuals and organizations approach decentralization, offering benefits such as enhanced security, transparency, and efficiency. Despite the advancements in blockchain, challenges such as scalability, high transaction fees, and limited access to decentralized resources remain critical hurdles. Zulu Network aims to address these challenges by providing a layer 2 solution that optimizes tokenized computing power within a decentralized framework, utilizing Bitcoin’s security.
“We are thrilled to welcome such high-caliber investors who share our vision of a more versatile and scalable Bitcoin ecosystem,” said Eric Lifson, Co-Founder of Zulu Network. “This funding will accelerate our development efforts and help us bring our innovative protocol to market, enabling developers and users to experience the true potential of Bitcoin’s layer 2 capabilities.”
The seed round funding will be utilized to enhance Zulu Network’s development team, fuel marketing efforts, and expand community engagement initiatives. With this investment, Zulu Network aims to refine its protocol, bolster security measures, and facilitate smoother integration for developers and users alike.
Draper Dragon, co-founded by renowned investor Tim Draper in 2006, adds greater exposure for Zulu with their participation. Draper Dragon is a leading venture capital firm known for backing forward-thinking projects in the cryptocurrency space with investments in Coinbase, Ledger, Gemini, CoinDCX and other prominent projects and companies. For more about Draper Dragon: https://draperdragon.com/
CGV FoF is an Asia-based Fund of Funds (FoF) that focuses on investments in Crypto Fund and Crypto Studio. CGV FoF is composed of family funds from Japan, Korea, and China’s mainland and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Some of their portfolio companies include Unisat Wallet, Bitget, Mezo, Metis, Casper Labs. For more info on CGV: https://www.cgv.fund/english
Web3.com Ventures is a web3 investment firm, with a primary focus on equity/crypto investments. Some of their portfolio companies include Build on Bitcoin (BOB), Bontanix, Babylon, and OYL. For more info on Web3.com: https://web3.com/
PANONY Ventures was launched in 2018 by Alyssa Tsai and Tongtong Bee, pioneers with over 10 collective years in the Asian blockchain industry. while Panony is headquartered in Hong Kong, their team of over 30 correspondents, strategists and advisors are based around the globe in key regions – China, Korea and the US. Portfolio companies include Solana, Binance, Matrixport, OKX, DYDX. For more info on PANONY: https://www.panony.com/
Zulu Network’s vision is to “Move Bitcoin Forward”. As it progresses, the team is committed to fostering an inclusive and vibrant developer community, providing the necessary tools and resources to build unique applications powered by its innovative protocol.
About Zulu Network
Zulu Network is an innovative blockchain solution that combines the power of Bitcoin with the flexibility of EVM-compatible technology to create a decentralized framework focused on tokenized computing power and physical infrastructure. Dedicated to fostering a decentralized economy, Zulu Network empowers users to utilize and monetize their resources in ways never previously possible. For more information, users can visit https://zulunetwork.io/.