Thesis Launches Bitcoin Economic Layer, Mezo, with $21M Raise Led by Pantera Capital

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Apr 09, 2024, 09:00 ET

Thesis launches the Bitcoin Economic layer, Mezo, ensuring technology serves the broader economic ambitions of bitcoin holders
Mezo closes $21M fundraising led by Pantera Capital, with participation from Multicoin, Hack VC, Draper Associates, Primitive Ventures, Asymmetric Ventures and Dan Held, DCF God, among others - following a $4M raise led by ParaFi Capital & Nascent in January to support Thesis' development of Mezo

NEW YORK, April 9, 2024 /PRNewswire/ -- Thesis, a venture studio funding and building brands on Bitcoin, today announced the launch of Bitcoin Economic Layer, Mezo, from stealth and also disclosed the closing of a $21M fundraising led by Pantera Capital. Mezo is a permissionless Bitcoin Economic Layer leveraging a neutral smart contract infrastructure to offer a more diverse range of user-centric applications.

Mezo is designed to amplify Bitcoin's infrastructure, providing cheap and fast transactions, without deviating from the Bitcoin network's foundational principles. The difference between Mezo's Bitcoin Economic Layer and other "Bitcoin Layer 2" solutions is that Mezo allows users to access real applications that use Bitcoin for everything, enabling a thriving circular economy. Mezo will go live with ecosystem support from Thesis-built tBTC, which allows for trust-minimized bitcoin bridging to numerous ecosystems.

Thesis also disclosed that their vision for Mezo as Bitcoin's Economic Layer has garnered fundraising support from top VC firms including Pantera Capital, Multicoin, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, Asymmetric Ventures and Dan Held, DCF God - among others.

Matt Luongo, CEO of Thesis & Founder of Mezo, commented on today's news: "Bitcoin can be more than savings technology — it can be used to wildly improve our world. Our goal with Mezo is to extend the Bitcoin network to bring 25% of the world's economy on-chain — roughly in line with the size of the US economy today. Mezo means you can HODL your BTC with purpose, powering the Bitcoin economy, replacing vital online infrastructure, and unlocking the full potential of your BTC."

By leveraging Proof of HODL, Mezo takes HODLers once-passive bitcoin holdings and puts them to work. The longer their bitcoin deposits are locked up, the greater their HODL Score multipliers. For the participant's role in securing the network, Mezo provides yield—giving Bitcoiners something for doing what they would have done anyway: HODL Bitcoin.

The Proof of HODL points program is designed to go further than merely activating bitcoin—it's the key to building a community, a personal inner circle of fellow Bitcoin HODLers that understand the value of long-term conviction. When users join Mezo, they will receive 5 one-time invitations to share with friends so they can begin earning in tandem. Reciprocal earnings gained from inviting friends to HODL will be based on the duration and size of their bitcoin deposits.

"I'm thrilled to support the Thesis team in bringing Mezo to life as Bitcoin's new economic layer," said Dan Morehead, Founder and Managing Partner of Pantera Capital. "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. This feels like a breakthrough moment for Bitcoin as a technology, not just an asset. We're excited to see new Bitcoin applications that become possible with Mezo as its economic layer."

Thesis is well-known for building successful Bitcoin brands for over a decade and has secured this fundraise to create a user-first home for Bitcoin holders. Mezo will enable holders to cultivate Bitcoin in a way that doesn't sacrifice the foundational principles, like security, dedication to open-source development, and a BTC-first HODL mentality.

Investor Quotes:

Anjan Vinod, Principal at ParaFi Capital, commented: "As long-time partners of Thesis, we are thrilled to see the unveiling of Mezo, a cutting-edge Bitcoin Layer 2 solution. Mezo not only demonstrates Thesis's commitment to innovation but also highlights the immense potential of tBTC in making Bitcoin a productive asset."

Kyle Samani, Managing Partner at Multicoin Capital, commented: "We believe in the Mezo team's vision of creating an economic layer for Bitcoin that will make it more than just a store of value. Mezo's expansive vision for putting Bitcoin to work alongside Thesis's proven availability to develop successful Bitcoin-focused projects and brands is what's needed to bring economic activity on-chain."

About Pantera Capital:
Pantera Capital is the first institutional investment firm focused exclusively on bitcoin, other digital currencies, and companies in the blockchain tech ecosystem. Pantera launched the first cryptocurrency fund in the United States when bitcoin was at $65/BTC in 2013. The firm subsequently launched the first exclusively-blockchain venture fund. In 2017, Pantera was the first firm to offer an early-stage token fund. Pantera Bitcoin Fund has returned over 94,070% in ten years and has returned billions to its investors. Pantera manages $5.6bn across three strategies – passive, hedge, and venture.

About Mezo:
The market has been dominated by technology-first approaches that often overlook the economic needs of users. As the world's first Bitcoin Economic Layer, Mezo introduces a pivotal shift, designed to amplify Bitcoin's infrastructure while adhering to its foundational principles to serve its holders. Mezo is Bitcoin native, facilitating cheap and fast transactions for a variety of relevant use cases. This not only enhances the network's resilience but also ensures it serves the broader economic ambitions of Bitcoin holders. Mezo is the place where we can unlock the full potential of Bitcoin.

This is your invitation to create your own economy.

About Thesis:
Thesis is a venture production studio, funding and building brands on Bitcoin. Thesis has supported multiple successful brands including the launch of Mezo -- a new leading Bitcoin L2 -- as well as Acre, tBTC, Fold, among others. Thesis has also garnered investments from leading Venture Capital firms including a16z, Polychain Capital, ParaFi, Fenbushi and more.

To learn more, please visit: www.thesis.co

Media contact: [email protected]

SOURCE Thesis