Beam developers raise $2 million from investors

Beam developers of a private DeFi platform and a privacy-focused cryptocurrency have raised $2 million in funding from investors. This was announced by project representatives.

In the round, participants included Collider Ventures, Altonomy, LionsChain, Alternity Capital, Youbi Capital, AirSpeed18, Bering Waters, Taureon, Patrick Dai, Winslow Strong, Ivo Georgiev and others.

The team will allocate the funds to support the forthcoming Beam blockchain upgrade. The release will add additional support for privacy-focused assets and smart contracts operating in the Beam Virtual Machine (BVM).

Parallel to the deployment of the BVM on the mainnet, the Beam Foundation will gradually hand over governance of a decentralized autonomous organization governed by the BEAMX token.

According to the press release, the project is also working on a bridge to Ethereum, Binance Smart Chain and Polkadot.

Back in 2020, Beam developers announced the launch of private DeFi tokens designed for building applications in decentralized finance.