Merlin Chain Secures New Investments Co-led by Spartan Group and Hailstone Labs to Empower Bitcoin Apps

Merlin Chain, a pioneering Bitcoin Layer 2 solution, is excited to announce a successful new round of funding co-led by the Spartan Group and Hailstone Labs with significant contributions from Amber Group, Presto Labs, and IOBC Ventures. This strategic partnership marks an important milestone in Merlin Chain's journey, positioning it at the forefront of the Bitcoin ecosystem's evolution.

Since its last funding round, Merlin Chain has successfully launched its mainnet, which has rapidly gained traction within the industry. The platform has already facilitated over 9 million transactions and hosts more than 70 live projects with a Total Value Locked (TVL) exceeding $4 billion.

The addition of esteemed backers like Spartan Group will empower Merlin Chain to delve deeper into the institutional management scene, leveraging the new BTC staking narrative. This innovative approach offers an enhanced yield on Bitcoin, affirming its status as a pivotal "storage of value."

"We are believers that the rapid development in the BTC ecosystem, including efforts to introduce smart contract capabilities to BTC, will unlock billions of value on-chain," said Kelvin Koh, Co-Founder and Managing Partner of Spartan Group. Koh expressed his support for Merlin Chain, noting, "We are proud to back the Merlin team led by Jeff as they truly understand this vision and the mindset of the BTC community – prioritizing fair launches and distribution and grassroots-led growth of the entire ecosystem!"

Merlin Chain's founder Jeff, a seasoned entrepreneur in Web2, has secured funding from top-tier institutions such as Sequoia Capital, IDG Capital, BAI Capital (Bertelsmann), 5Y Capital, and Vitalbridge Capital. With over 20 investment institutions on board, led by OKX Venture, ABCED, Forsight Ventures, and ArkStream Capital, alongside major mining pools like viaBTC, the platform is well-equipped for both security and technological advancement. This support underlines the strength of Chinese entrepreneurs and investors in the Bitcoin ecosystem.

With a TVL of $4 billion, security is Merlin Chain's paramount concern. To this end, Merlin Chain has established the Merlin Security Council, which includes well-known entities such as Slowmist, BlockSec, Salus, Secure3, ScaleBit and Revoke.Cash. With a focus on research, education and technological development, the council is a pivotal element in its strategy to attract white-hat hackers and innovative DApps, ensuring the ongoing safety and growth of the Merlin ecosystem.