Bitlayer, the first Layer 2 solution has secured a $9 million extension to its previously announced Series A funding round. The extended A round is led by Polychain Capital and co-led by Franklin Templeton, with participation from SCB Limited, Selini Capital, G-20 Group and other renowned institutional investors.
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Bitlayer raised a $5 million seed funding in March, followed by a $11 million series A funding in July.
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This funding round expands the Bitlayer community by welcoming more participants and those dedicated to the Bitcoin ecosystem. It brings Bitlayer’s total capital raised to $25 million, further solidifying its leadership position in the Bitcoin Layer 2 space.
OpVM, a future-proof Bitcoin Layer 1 verification system that combines validity proofs (based on OP_CAT) and fraud proofs (BitVM), was designed and implemented by Bitlayer. By allowing Bitcoin Layer 1 to validate arbitrary calculations, this method greatly raises the security level of several protocols within the Bitcoin ecosystem.
“Our investment in Bitlayer reflects our profound belief in the transformative power of their groundbreaking solutions. Bitlayer has demonstrated an unparalleled commitment to pushing the boundaries of what’s possible within the Bitcoin space. The Bitlayer team, led by Kevin He and Charlie Hu, have assembled a diverse group of experts with a shared passion for innovation and a deep understanding of the market’s needs. The imminent launch of Bitlayer V2 is set to capture the industry’s attention and validate the immense potential of OpVM.” – Polychain Capital.
“Bitlayer’s innovative approach to blockchain technology is exemplified by its utilization of OpVM,” Kevin He, co-founder of Bitlayer, said, “It empowers Bitcoin to seamlessly integrate into any programmable blockchain environment in a trustless manner, which will catalyze rapid development and widespread adoption of a decentralized application ecosystem based on Bitcoin’s substantial liquidity.”
About Bitlayer
Bitlayer is the first Layer 2 solution offering Bitcoin-equivalent security and Turing completeness. It’s also the first built on BitVM. Bitlayer aims to bring secure scalability to the Bitcoin ecosystem, promoting asset diversity and spurring innovation for a faster, safer, and more flexible user experience.
