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.
SOURCE Nexio
