Midl, an infrastructure that brings smart contracts to the Bitcoin network, enabling native decentralized applications (dApps) and financial products, has announced the successful close of a $2.4 million seed round.
The round was led by Draper Associates, the early-stage venture capital firm founded by Tim Draper and known for backing industry-defining companies like Coinbase, Robinhood, and Ledger. It was also supported by Draper Dragon, a cross-border venture fund focused on innovative blockchain solutions, with notable investments in Kelp DAO and Ether.Fi.
This funding milestone marks another step towards Bitcoin’s evolving financial ecosystem, spotlighting the growing institutional interest in BTCFi, a new wave of Bitcoin-native decentralized finance. With Midl, developers can now build and run dApps natively on Bitcoin, unleashing the potential of the network’s $2 trillion in liquidity.
“It’s rare to be this early to something this big,” said Iva Wisher, Founder of Midl. “Midl makes Bitcoin programmable in a way that’s never been done before. Native Bitcoin token standards finally have a home where they can power real apps and real economies. Across trading, DeFi, gaming, governance, and everything in between.”
Unlocking the Power of Bitcoin
Unlike solutions that rely on sidechains, bridges, or Layer 2s, Midl introduces a native execution environment for Bitcoin, allowing decentralized applications to run directly on the Bitcoin network.
This includes seamless support for Bitcoin-native token standards, making them tradable, functional, and usable across products and services from day one.
Midl is currently in its testnet phase, with a mainnet launch expected shortly. Several early DeFi protocols are already live on the testnet, with over 20 additional projects currently in various stages of deployment on the network.
Alongside the technical rollout, Midl is launching a series of retail-facing initiatives to help kickstart real usage and liquidity within the Bitcoin ecosystem from day one. These efforts are focused on driving early adoption and seeding liquidity across the Bitcoin ecosystem ahead of mainnet.
Led by Veterans of Early-Stage Tech Investing
Draper Associates is a venture capital firm founded in 1985 by Tim Draper. Known for its forward-looking investment philosophy, the VC has played a pivotal role in funding some of the most transformative tech companies across multiple industries. Draper Associates has a strong portfolio of crypto and blockchain investments, having backed early leaders such as Coinbase, Ledger, and Robinhood.
Draper Dragon is a cross-border venture capital firm focused on early-stage Web3 and technology startups. The firm invests in innovative blockchain projects shaping the future of decentralized finance and digital ecosystems, with notable investments including 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 – with dedicated developer tooling.
With Midl, full-scale dApps can run directly on Bitcoin: everything 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, unlocking better scalability and throughput.
