Bitcoin scaling solutions provider Nexio has raised $2.2 million in pre-seed funding from a diverse group of industry investors, according to an announcement.
The pre-seed funding round was led by Lattice and included investments from HTX Ventures, Artichoke Capital, Morningstar Ventures, Sharding Capital, SNZ Holding, Sats Ventures, Wise3 Ventures, and other notable partners.
Additionally, angel investors such as Danish Chaudhry of Paper Ventures, Paul Taylor, formerly of BlackRock, Santiago R Santos, formerly of ParaFi, and Rushi Manche of Movement Labs also participated in the round.
The capital will be used to accelerate the development and adoption of Nexio’s parallelized Bitcoin rollup technology, which aims to significantly enhance Bitcoin’s scalability and usability.
The company’s newly launched parallelized Bitcoin rollup, powered by the MoveVM, is designed to handle over 30,000 transactions per second while maintaining gas fees below $0.01.
This development addresses several critical issues within the Bitcoin ecosystem, such as slow transaction times, high gas fees, and security vulnerabilities in existing scaling solutions.
Nexio’s technology is positioned to overcome these challenges, which have long hindered Bitcoin’s mass adoption.
The company’s implementation of the MoveVM, originally developed by Facebook, sets a new benchmark for security in Bitcoin scaling solutions.
The MoveVM’s linear type system ensures the secure handling of digital assets by preventing double-spending and reentrancy attacks, vulnerabilities that have plagued traditional Ethereum Virtual Machine (EVM)-based systems.
It is estimated that the MoveVM could have prevented 84% of crypto hacks between 2016 and 2022, potentially safeguarding over $4.6 billion in assets.
Nexio’s platform integrates several advanced technologies, including a zk-Rollup, Multi-Party Computation (MPC) Threshold Signature Scheme, and the Fractal interpreter, to deliver enhanced speed, security, and interoperability.
By leveraging MPC Threshold Signatures, Nexio eliminates single points of failure, providing a more secure and decentralized transaction validation process compared to traditional multisig methods.
In partnership with Movement Labs, Nexio has developed a framework that combines horizontal interoperability through high-throughput modular Move Virtual Machines with vertical composability.
This integration enables developers to utilize programming languages like Aptos Move, Sui Move, and Solidity, ensuring robust cross-chain functionality and seamless asset movement across platforms.
Over the next 6 to 12 months, Nexio plans to achieve several key milestones, including the launch of a permissionless testnet and the subsequent rollout of their mainnet solution.