Beam raises $2 million to boost its expansion into DeFi

[EAA-ALLAH]

Privacy-oriented cryptocurrency project Beam has raised a $2 million round to help build out a DeFi ecosystem on its blockchain platform. The round included investors like Collider Ventures, Altonomy, LionsChain and several others.
DeFi has seen immense growth since 2020, but practically all DeFi activity is currently happening on blockchains with weak privacy. On platforms like Ethereum and Binance Smart Chain, all balances and transactions are visible to the public, creating obvious privacy concerns for participants.
Beam was launched in January 2019 as one of the first cryptocurrencies to leverage the MimbleWimble privacy protocol. At launch, the cryptocurrency focused on simple peer-to-peer transactions as its primary use case, but the project has since expanded on its vision and is now working on providing smart contracts functionality that enables privacy-preserving DeFi services.
The Beam project is now working on launching the Beam Virtual Machine (BVM), a virtual machine that runs WebAssembly. Smart contract logic is implemented through Shaders, which are programs that run inside the BVM. This enables full programmability, allowing for popular DeFi use cases like DEXes and lending and stablecoin protocols to be launched on the Beam platform. Source