TL;DR
- Funding Milestone: Bitlayer Labs, a Bitcoin Layer 2 platform based on the BitVM paradigm, has successfully secured $11 million in its Series A funding round. This investment brings the company’s total funding to $16 million, positioning it for significant expansion.
- Strategic Backing: Industry leaders Franklin Templeton and ABCDE led the funding round, providing essential guidance and capital resources. Notable investors, including Stake Capital Group and WAGMI Ventures, also participated.
- Ambitious Vision: Bitlayer aims to become the computation layer for Bitcoin, addressing scalability challenges while maintaining security and decentralization. The team has achieved key milestones, and with strong support, Bitlayer is poised to lead Bitcoin’s Layer 2 infrastructure and drive mass adoption in the crypto space.
Bitlayer Labs, the pioneering Bitcoin Layer 2 platform based on the BitVM paradigm, has successfully concluded its Series A funding round, securing $11 million. This latest investment brings Bitlayer’s total funding to $16 million and positions the company for significant expansion.
1/ Bitlayer has successfully raised $11M in our Series A funding round, led by Franklin Templeton [@FTI_DA] and ABCDE [@ABCDELabs]. This brings our total investment to $16M.
Franklin Templeton's participation marks a notable milestone as Bitlayer becomes the first Bitcoin Layer… pic.twitter.com/4PoF3ft4Zj
— Bitlayer (@BitlayerLabs) July 23, 2024
Franklin Templeton and ABCDE, industry giants, are at the forefront of the Series A round, providing Bitlayer with essential strategic guidance and capital resources to fuel its growth. It’s worth mentioning that ABCDE and Framework Ventures played a crucial role in Bitlayer’s seed round as well.
The funding round attracted a diverse group of investors, including Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan, and other value-adding contributors. Prominent angels, such as DOMO (creator of BRC20) and Brian Kang (cofounder of FactBlock KBW), also participated.
Global Expansion and Protocol Development
Bitlayer Labs plans to leverage the newly raised funds for several strategic initiatives:
- Global Expansion: The company aims to expand its presence worldwide, attracting more developers and protocols to deploy on the Bitlayer platform.
- Bitlayer Protocol Mapping: The funding will support the development and refinement of the Bitlayer protocol, enhancing its capabilities and scalability.
Institutional Recognition and Support
The decision to invest in Bitlayer is a major achievement for Franklin Templeton. It signifies the groundbreaking moment when an ETF-licensed organization has made a strategic investment in a Bitcoin Layer 2 infrastructure project. This collaboration highlights the increasing enthusiasm and support for Bitlayer’s cutting-edge solutions in the Bitcoin ecosystem.
Bitlayer’s Ambitious Vision
Founded in November 2023, Bitlayer has rapidly emerged as a trailblazer in the Bitcoin Layer 2 space. Its ambitious goal is to become the computation layer for Bitcoin, addressing scalability challenges while maintaining security and decentralization.
The Bitlayer team has achieved several key milestones, including the release of the technical whitepaper, the launch of a developer incentive airdrop program, Mainnet-V1 deployment, the Dapp leaderboard competition, and TVL-driving Mining Gala events.
Paving the Way for Bitcoin Mass Adoption
Bitlayer’s focus on faster and cost-effective trading experiences positions it as a catalyst for Bitcoin adoption in the decentralized finance (DeFi) sector. By offering a solution that balances scalability and security, Bitlayer aims to accelerate Bitcoin’s broader adoption.
Mainnet-V2 and Beyond
Bitlayer’s Series A funding will help grow the ecosystem by advancing native Web3 protocols. The team is currently focused on Mainnet-V2, a Bitcoin-native rollup that utilizes ZK (zero-knowledge) proofs and fraud proofs to improve Layer 2 state transitions.
With strong backing from strategic investors and ecosystem partners, Bitlayer is poised to lead Bitcoin’s Layer 2 infrastructure and drive mass adoption across the crypto landscape.
