Nexio, a pioneering Bitcoin scaling solution utilizing parallelized rollup technology, has announced the successful raising of $2.2 million in pre-seed funding from a diverse group of prominent industry investors. This funding will accelerate the development and adoption of its innovative parallelized Bitcoin rollup technology, aimed at revolutionizing Bitcoin’s scalability and usability.
In conjunction with the funding announcement, Nexio has launched its parallelized Bitcoin rollup, powered by the Move Virtual Machine (MoveVM). This cutting-edge technology is designed to support over 30,000 transactions per second while maintaining gas fees below $0.01. It addresses critical challenges in the Bitcoin ecosystem, including slow transaction times, high fees, and security vulnerabilities in existing scaling solutions.
Nexio’s adoption of the MoveVM establishes a new standard for security in Bitcoin scaling solutions. Originally developed by Facebook, the MoveVM mitigates vulnerabilities that have affected traditional Ethereum Virtual Machine (EVM)-based systems. Its linear type system ensures a single “owner” for each resource, crucial for preventing double-spending. The MoveVM could have potentially averted 84% of crypto hacks between 2016 and 2022, saving over $4.6 billion in assets.
Nexio’s technology integrates zk-Rollups, Multi-Party Computation (MPC) Threshold Signature Schemes, and the Fractal interpreter, setting new benchmarks in speed, security, and interoperability. By employing MPC Threshold Signatures, Nexio eliminates single points of failure, offering decentralized transaction validation that surpasses traditional multisig methods.
“Nexio’s vision is to unlock Bitcoin’s full potential by providing a scalable, secure, and cost-effective infrastructure,” said Charlie Gordon, co-founder of Nexio. The technology is designed to support complex decentralized finance (DeFi) applications, gaming platforms, NFT marketplaces, and various 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. Angel investors included Danish Chaudhry of Paper Ventures, ex-BlackRock’s Paul Taylor, and others.
Nexio aims to achieve significant milestones in the next 6-12 months, including the rollout of a permissionless testnet and the launch of their mainnet solution, which will mark significant advancements in enhancing Bitcoin’s scalability, security, and interoperability.
