Midl, an infrastructure dedicated to introducing smart contracts to the Bitcoin network and supporting native decentralized applications (dApps) and financial products, has announced the completion of a $2.4 million seed round financing.
This round of financing was led by Draper Associates, an early-stage venture capital firm founded by Tim Draper, which has previously invested in industry-leading companies such as Coinbase, Robinhood, and Ledger. Additionally, the cross-border blockchain innovation fund Draper Dragon also participated in the investment, having previously supported well-known projects like Kelp DAO and Ether.Fi.
This financing milestone marks another significant phase in the development of the Bitcoin financial ecosystem and highlights the growing institutional interest in BTCFi. BTCFi represents a new wave of native decentralized finance for Bitcoin. Through Midl, developers can now build and run dApps directly on the Bitcoin network, unlocking the potential of $20 trillion in liquidity within the Bitcoin network.
Midl founder Iva Wisher stated, "Participating early in such an important field is a rare opportunity. Midl has brought Bitcoin's programmability to unprecedented heights. The native Bitcoin Token standard finally has a home, supporting real applications and economic systems across various domains, including trading, DeFi, gaming, governance, and more."
Unlocking Bitcoin's Potential
Unlike solutions that rely on sidechains, bridges, or Layer 2, Midl introduces a native execution environment for Bitcoin, allowing decentralized applications to run directly on the Bitcoin network.
This environment includes seamless support for the native Bitcoin Token standard, enabling transactions, functional usage, and applications across various products and services from day one.
Currently, Midl is in the testnet phase, with the mainnet expected to launch soon. Several early DeFi protocols are already running on the testnet, and over 20 projects are at different stages of deployment on the network.
In addition to technical deployment, Midl has launched a series of initiatives aimed at retail users to help the Bitcoin ecosystem achieve practical use and liquidity from day one. These initiatives are designed to drive early adoption and inject liquidity into the Bitcoin ecosystem before the mainnet launch.
Led by Veterans in Early Technology Investment
Draper Associates was founded in 1985 by Tim Draper. This venture capital firm is known for its forward-thinking investment philosophy and has funded many transformative technology companies across various industries. Draper Associates has a strong portfolio in the crypto and blockchain space, having supported early leaders like Coinbase, Ledger, and Robinhood.
Draper Dragon is a cross-border venture capital firm focused on early Web3 and technology startups. The firm invests in innovative blockchain projects that are shaping the future of decentralized finance and digital ecosystems, with a portfolio that includes well-known projects like Kelp DAO and Ether.Fi.
About Midl
Midl is an execution environment that brings smart contracts to Bitcoin, opening the door to a new generation of decentralized applications built natively on the world's most secure blockchain, along with dedicated developer tools.
Through Midl, fully-scaled dApps can run directly on the Bitcoin network: everything that was once possible on Ethereum can now be built on Bitcoin. The protocol improves the developer and user experience by allowing multiple EVM-like interactions within a single Bitcoin transaction, while enhancing scalability and throughput.
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