Nexio, a Bitcoin scaling solution leveraging parallelized rollup technology, announced today that it has raised $2.2 million in pre-seed funding from a diverse roster of prominent industry investors. This 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 funding also involved angel investors, such as Paper Ventures’ Danish Chaudhry, ex-BlackRock’s Paul Taylor, ex-ParaFi Santiago R Santos, Comfy Capital, Movement Labs’ Rushi Manche, Elixir Protocol’s Tim Wang, Notifi’s Paul Kim, and R89 Capital.
The funding will enable Nexio to accelerate the development and adoption of its parallelized Bitcoin roll-up technology, aiming to revolutionize Bitcoin’s scalability and usability.
Along with the pre-seed funding, Nexio is launching its parallelized Bitcoin rollup powered by the MoveVM, supporting over 30,000 transactions per second with gas fees maintained below $0.01. And this technology addresses critical challenges in the Bitcoin ecosystem, including slow transaction times, high gas fees, poor security in scaling solutions, and inadequate tooling that have hindered mass adoption.
Nexio’s integration of the MoveVM sets a new standard for security in Bitcoin scaling solutions. Originally developed by Meta (Facebook), MoveVM addresses critical vulnerabilities plaguing traditional EVM-based systems. Move’s linear type system ensures that there is always a single owner for a resource. This is essential for representing digital assets, where double-spending is a concern. This embraces a linear execution and utility system that prevents reentrancy attacks. And the MoveVM could have prevented 84% of crypto hacks between 2016-2022, potentially saving over $4.6 billion in assets.
Nexio’s technology combines a zk-Rollup, Multi-Party Computation Threshold Signature Scheme, and the Fractal interpreter for setting new standards in speed, security, and interoperability. And by utilizing MPC Threshold Signatures, Nexio prevents single points of failure, offering robust, decentralized transaction validation that is more secure than traditional multisig approaches.
Through a partnership with Movement Labs, Nexio built a framework that combines horizontal interoperability through high-throughput modular Move Virtual Machines with vertical composability. And this integration enables developers to build with Aptos move, Sui move, and Solidity, ensuring robust cross-chain functionality and seamless asset movement across platforms.
Nexio also aims to achieve several key milestones in the next 6-12 months, including the rollout of a permissionless testnet and the subsequent launch of their mainnet solution. These developments will mark significant steps toward revolutionizing the Bitcoin ecosystem with enhanced scalability, security, and interoperability.
KEY QUOTES:
“Nexio’s vision is to unlock Bitcoin’s full potential by providing a scalable, secure, and cost-effective infrastructure. Our technology, combined with advanced cryptographic techniques, will enable a new era of innovation and adoption within the Bitcoin ecosystem, supporting complex DeFi applications, gaming platforms, NFT marketplaces, and infrastructure projects.”
- Charlie Gordon, co-founder of Nexio
“Nexio’s innovative approach to Bitcoin scaling is truly groundbreaking. By leveraging our Movement SDK and integrating the MoveVM and Fractal EVM bytecode interpreter, Nexio is not only enhancing Bitcoin’s capabilities but also bridging the gap between different blockchain ecosystems. This collaboration exemplifies the kind of innovation that will drive the future of blockchain technology.”
- Rushi Manche, co-founder of Movement Labs
