Nexio Secures $2.2M in Pre-Seed Funding to Launch Groundbreaking Parallelized Bitcoin Rollup
Date – 09-Aug-2024
Nexio, a leading innovator in Bitcoin scaling solutions, has successfully raised $2.2 million in pre-seed funding from a diverse group of prominent industry investors. This capital infusion will enable Nexio to fast-track the development and widespread adoption of its revolutionary parallelized Bitcoin rollup technology, designed to transform Bitcoin’s scalability and usability.
Alongside this funding, Nexio is launching its cutting-edge parallelized Bitcoin rollup, powered by the MoveVM, capable of supporting over 30,000 transactions per second with gas fees maintained under $0.01. This technology directly addresses critical challenges within the Bitcoin ecosystem, such as slow transaction speeds, high gas fees, security vulnerabilities in scaling solutions, and inadequate tooling that have impeded mass adoption.
The adoption of MoveVM by Nexio sets a new benchmark for security in Bitcoin scaling. Originally developed by Facebook, MoveVM tackles key vulnerabilities found in traditional EVM-based systems. Its linear type system ensures singular ownership of resources, essential for preventing double-spending in digital assets. Moreover, its linear execution and utility system safeguards against reentrancy attacks—a flaw responsible for 84% of crypto hacks between 2016-2022, potentially saving over $4.6 billion in assets.
Nexio’s technology integrates a zk-Rollup, Multi-Party Computation (MPC) Threshold Signature Scheme, and the Fractal interpreter, setting new standards in speed, security, and interoperability. The use of MPC Threshold Signatures mitigates single points of failure, providing a more secure decentralized transaction validation than traditional multisig approaches. “Nexio’s mission is to unlock Bitcoin’s full potential by delivering a scalable, secure, and cost-effective infrastructure,” said Charlie Gordon, co-founder of Nexio. “Our technology, underpinned by advanced cryptographic techniques, will usher in a new era of innovation within the Bitcoin ecosystem, supporting complex DeFi applications, gaming platforms, NFT marketplaces, and infrastructure projects.”
The funding round 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 attracted angel investors, including Danish Chaudhry from Paper Ventures, Paul Taylor, formerly of BlackRock, Santiago R Santos, ex-ParaFi, and others from Comfy Capital, Movement Labs, Elixir Protocol, Notifi, and R89 Capital.
“Nexio’s approach to Bitcoin scaling is truly groundbreaking,” said Rushi Manche, co-founder of Movement Labs. “By leveraging our Movement SDK and integrating MoveVM with the Fractal EVM bytecode interpreter, Nexio is not only enhancing Bitcoin’s capabilities but also bridging gaps between different blockchain ecosystems. This collaboration represents the type of innovation that will shape the future of blockchain technology.”
Through its partnership with Movement Labs, Nexio has developed a framework that combines horizontal interoperability via high-throughput modular Move Virtual Machines with vertical composability. This allows developers to work with Aptos Move, Sui Move, and Solidity, ensuring robust cross-chain functionality and seamless asset movement across platforms.
In the next 6-12 months, Nexio aims to achieve several critical milestones, including the launch of a permissionless testnet followed by their mainnet solution. These advancements will mark significant progress in revolutionizing the Bitcoin ecosystem with enhanced scalability, security, and interoperability.
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