Quick take:
- Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures also joined the round.
- The company uses a concept it calls “Proof of HODL” to generate points for Bitcoin holders depending on how long the Bitcoin deposits are stored.
- Mezo wants to expand the Bitcoin ecosystem with more use cases based on real-world applications.
Thesis, a venture studio building on the Bitcoin ecosystem has emerged from stealth with a $21 million Series A round led by Pantera, with participation from Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures.
The company also announced the launch of its Bitcoin layer-2 platform Mezo, which allows Bitcoin holders to earn yield from their deposits. It is what distinguishes Mezo from other L2s, the company said in an announcement on Tuesday.
By enabling users to users to access applications that facilitate the use of Bitcoin tokens, Mezo promotes what it calls a “circular Bitcoin economy”, which it says can be more than “savings technology”.
“What I think distinguishes an economic layer versus any other chain is that it’s doing good for Bitcoin— both the money and the network. And then, it’s doing good for individual Bitcoin holders,” Matt Luongo, CEO of Thesis and founder of Mezo, told Fortune.
Mezo has created a points-based program dubbed “Proof of HODL”, which generates scores based on the length of time a contributor keeps their Bitcoins in store. Mezo describes its role in the ecosystem as one that “takes otherwise inert Bitcoin holdings of HODLers and “puts them to work.”
“We want to make sure that people that have Bitcoin can actually run this chain,” Luongo said, adding that, the longer customers use their tokens with Mezo, the more aligned they become with the project.
According to Mezo, the platform rewards contributors to the chain with yield.
“Whatever happens on this chain is good for people that hold Bitcoin, and it’s good for people who use Bitcoin on the chain—I think that’s key,” he explained. “Anyone who’s ever really touched the asset should be able to earn on their Bitcoin. It shouldn’t just be something like a pet rock or something that’s sitting on the shelf, you know?”
Mezo will use Thess-built tBTC to bridge various ecosystems. The platform wants to expand the Bitcoin use cases with applications that bring real-world utility to Bitcoin.
Dan Morehead, founder and managing partner of Pantera Capital said in a statement: “This feels like a breakthrough moment for Bitcoin as a technology, not just an asset. The Bitcoin community has been great at holding their Bitcoin for a long time, but they’re also ready to put their assets to work.”
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