The first Bitcoin Layer 2, Bitlayer Labs, situated in Singapore and founded on the BitVM architecture, successfully completed its $11 million Series A investment round.
According to a release 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 it’s growth.
Together with Framework Ventures, who spearheaded it’s seed round financing, ABCDE is still supporting Bitlayer in its Series A round.
It has now $16 million in fundraising after this most recent round of investment.
Notable investors like Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan, Stake Capital Group, WAGMI Ventures, and Skyland Ventures were among the other participants.
Among the other notable angel investors in the round were Brian Kang, cofounder of FactBlock KBW, and DOMO, the inventor of BRC20.
A noteworthy achievement is Franklin Templeton’s investment in Bitlayer.
An organisation with an ETF license has made a strategic investment in the first Bitcoin Layer 2 infrastructure project.
Read also- Israel-Based Addionics has Secured $39 Million in Series B Round Funding
Through this relationship, It’s creative solutions to technical problems facing the Bitcoin ecosystem are gaining traction and attention, which points to a wider trend of institutional recognition and support for blockchain technologies.
Bitlayer’s Series A funds to expand its ecosystem, including native Web3 protocols.
After Mainnet-V1 launched on April 15, Bitlayer’s development team continues constructing Mainnet-V2, a Bitcoin-native rollup with a Bitcoin-friendly proof mechanism that combines ZK and fraud proofs to protect Layer 2 state transition.
Bitlayer, supported by strategic investors and ecosystem partners, is driving Bitcoin’s tremendous growth and adoption as its 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.
It’s goal is to balance security (trustlessness) with Turing completeness in BTC Layer 2 using cryptographic advances and blockchain protocol engineering.
The company aims to become Bitcoin’s compute layer, introducing ultra-scalability while retaining security for high-throughput, low-cost transactions.
“After leading the previous round, we are thrilled to continue co-leading Bitlayer in this Series A round,” said BMAN, Managing Partner of ABCDE Capital. Bitlayer stands out in the field of Bitcoin Layer 2s, accumulating more than $500 million TVL and 300 ecological projects to create the strongest Bitcoin Layer 2 ecosystem, As it realizes native verification on Bitcoin, Bitlayer will become the first native Bitcoin Layer 2, a seminal moment in the history of Bitcoin.”— BMAN, Managing Partner of ABCDE Capital,” he added.
Part of Franklin Resources, Inc., a multinational investment management company with subsidiaries doing business as Franklin Templeton and providing services to customers in more than 150 nations, is Franklin Templeton Digital Assets.
Read also- Israel-Based Scopio Labs has Secured $42 Million in Funding
As of 2018, Franklin Templeton Digital Assets has been operating node validators, creating a variety of investment strategies, and developing blockchain-based technology solutions.
Venture finance firm ABCDE focusses on spearheading investments in elite cryptocurrency builders.
It was co-founded by veteran internet and cryptocurrency entrepreneur BMAN, who has over ten years of experience in the space, and Dylan Du, who co-founded Huobi.
About BitLayer
Bitlayer is the first Layer 2 solution with Bitcoin-equivalent security and Turing completeness. The first BitVM-built one. Bitlayer strives to safeguard Bitcoin ecosystem scalability, supporting asset diversity and innovation for a faster, safer, and more flexible user experience.
