The first Bitcoin Layer 2, Bitlayer Labs, based in Singapore and founded on the BitVM paradigm, successfully completed its $11 million Series A funding round on Tuesday.
According to a statement from Bitlayer Labs, the round is spearheaded by prominent figures in the industry, Franklin Templeton and ABCDE, who are contributing significant financial and strategic resources that will facilitate Bitlayer’s growth.
Together with Framework Ventures, which spearheaded Bitlayer’s seed round financing, ABCDE is still supporting Bitlayer in its Series A round.
With this most recent funding round, Bitlayer has raised a total of $16 million.
Prominent investors including FalconX, Metalpha, 280 Capital, Presto Labs, Caladan, Flow Traders, GSR Ventures, WAGMI Ventures, Stake Capital Group, and many more value-adding investors were among the additional participants.
In addition, DOMO, the inventor of BRC20, Brian Kang, the cofounder of FactBlock KBW, and numerous other notable angel investors participated in the round.
An important turning point was reached with Franklin Templeton’s investment in Bitlayer.
An institution licensed to manage exchange funds is making a strategic investment in the first Bitcoin Layer 2 infrastructure project.
This collaboration demonstrates the increasing interest in and momentum for Bitlayer’s creative fixes for technical problems within the Bitcoin ecosystem, pointing to a wider pattern of institutional acceptance and support for blockchain technologies.
The growth of Bitlayer’s ecosystem, including sustaining the quantity of native Web3 protocols integrated into the ecosystem, is the primary purpose of the company’s Series A funding.
Following the launch of Mainnet-V1 on April 15th, the development team at Bitlayer is working on developing Mainnet-V2, a rollup that is native to Bitcoin and protects Layer 2 state transition with a proof system that combines fraud and ZK proofs.
With the unwavering support of its ecosystem partners and strategic investors, Bitlayer is propelling Bitcoin’s rapid expansion and uptake to become the platform’s premier Layer 2 infrastructure.
“It’s a tremendous honor to collaborate with such valuable and world-class funds that can accelerate the development of Bitlayer’s ecosystem,” said Charlie Hu, co-founder of Bitlayer Labs.
“This Series A funding from some of the most respected entities in the blockchain space validates our mission to make breakthroughs in the Bitcoin ecosystem,
“Our goals include achieving Bitcoin finality, establishing a Bitcoin security-equivalent native Layer 2, and making history in the Bitcoin world,” he added.
