On September 23, the Bitcoin Layer 2 protocol ZULU Network announced the completion of its seed round financing, with investment institutions including Draper Dragon, Web3.com Ventures, CGV, PANONY, D11 Labs, and other venture capital institutions. ZULU is an innovative Bitcoin Layer 2 protocol that seamlessly integrates the EVM (Ethereum Virtual Machine) layer and the UTXO (Unspent Transaction Output) innovation layer.
The pioneering architecture of ZULU Network sets a new standard for scalability and interoperability in the Bitcoin ecosystem. By combining the strong security of the Bitcoin blockchain with the multifunctionality of EVM compatibility, ZULU Network enables developers to leverage the advantages of the Bitcoin and Ethereum networks to build decentralized applications (dApps). In addition, its UTXO innovation layer introduces advanced transaction capabilities, improving the efficiency of Bitcoin transactions.
"This funding will accelerate our development efforts and help us bring our innovative protocol to market, allowing developers and users to experience the true potential of Bitcoin's second-layer functionality," said Eric Lifson, co-founder of ZULU Network. "We are excited to welcome such outstanding investors who share our vision of a more universal and scalable Bitcoin ecosystem."
The seed round funding will be used to strengthen ZULU Network's development team, drive marketing efforts, and expand community engagement programs. Through this investment, ZULU Network aims to improve its protocol, enhance security measures, and provide smoother integration for developers and users.
Draper Dragon, founded by renowned investor Tim Draper in 2006, has increased the exposure of ZULU Network with their participation. Draper Dragon is a leading venture capital firm known for supporting forward-looking projects in the cryptocurrency field, having previously invested in Coinbase, Ledger, Gemini, CoinDCX, and other well-known projects and companies.
CGV FoF is an Asian fund of funds (FoF) focused on investing in crypto funds and crypto studios. CGV FoF is composed of family funds from Japan, South Korea, mainland China, and Taiwan, with headquarters in Japan and branches in Singapore and Canada. Companies they have invested in include Unisat Wallet, Bitget, Mezo, Metis, and Casper Labs.
Web3.com Ventures is a Web3 investment company primarily focused on equity/cryptocurrency investments. Some of their portfolio companies in the Bitcoin ecosystem include Build on Bitcoin (BOB), Bontanix, Babylon, and OYL.
Founded in 2018, PANONY's founding team has over 10 years of experience in the Asian blockchain industry. Headquartered in Hong Kong, PANONY also has over 30 reporters, strategists, and advisory teams distributed in major Web3 regions such as China, Korea, and Singapore. Companies they have invested in or collaborated with include Binance, OKX, Polygon, and Render.
The vision of ZULU Network is to "drive Bitcoin forward," combining the power of Bitcoin with the flexibility of EVM-compatible technology to create a decentralized framework focused on tokenized computing power and physical infrastructure. As it develops, the team is committed to nurturing an inclusive and vibrant developer community, providing the necessary tools and resources to build unique applications driven by its innovative protocol.
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