Pantera Leads $21M Investment in Bitcoin Venture Thesis

Pantera led a $21 million Series A investment in Thesis, a venture studio focused on building on the Bitcoin ecosystem.

Pantera led a $21 million Series A investment that included Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures. Thesis is a venture studio that builds on the Bitcoin ecosystem.

Bitcoin holders can now earn a yield on their deposits with the debut of the company’s Bitcoin layer-2 platform, Mezo. According to a Tuesday release by the business, it is what sets Mezo apart from other L2s.

Mezo advocates for a “circular Bitcoin economy” that goes beyond “savings technology” by providing consumers with access to apps that make it easier to spend Bitcoin tokens. 

To me, the most important thing about an economic layer is that it benefits Bitcoin, the cryptocurrency and the network as a whole. Matt Luongo, Thesis CEO and Mezo founder, told Fortune that it’s beneficial for individual Bitcoin holders.

Mezo has developed “Proof of HODL,” a software that rewards contributors with points based on how long they retain their Bitcoins. Mezo says it “puts them to work” by taking the bitcoin that hodlers would otherwise leave idle and putting it to use in the ecosystem. 

Luongo stated, “We want to make sure that people who have Bitcoin can actually run this chain.” He went on to say that consumers’ alignment with the project grows the longer they utilize their tokens with Mezo.

Mezo claims that the platform pays out yields to those who contribute to the chain.

“I think that’s key,” he said, explaining that anything that occurs on the chain benefits both Bitcoin holders and chain users. Bitcoin should be a viable investment option for anyone who has dealt with the asset in any meaningful way. You know, it shouldn’t be some insignificant item like a pet rock or a shelf ornament.

Mezo will use tBTC, a design by Thess, to connect various ecosystems. By developing new apps that make Bitcoin useful in the real world, the platform hopes to increase the number of Bitcoin use cases.

“This feels like a breakthrough moment for Bitcoin as a technology, not just an asset,” explained Pantera Capital’s founder and managing partner of Pantera Capital, Dan Morehead in a statement. The Bitcoin community is excellent at storing Bitcoin for the long haul, but they’re also prepared to do something useful with their wealth.