Bitlayer Labs, the team behind a Bitcoin layer two ( L2) solution utilizing the BitVM paradigm, has successfully raised $11 million in a Series A funding round led by Franklin Templeton and ABCDE. This investment elevates Bitlayer’s total funding to $16 million, bringing its valuation to $300 million.
Bitlayer Secures $11M in Series A Funding Led by Franklin Templeton and ABCDE
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Institutional Investment Advances Bitlayer’s Bitcoin L2 Development
Bitlayer is a Bitcoin-focused L2 solution aimed at enhancing the Bitcoin ecosystem by addressing scalability issues and expanding its functionality. Based on the BitVM paradigm, the technology improves functionality without altering Bitcoin’s core network.
The raised funds will be used to expand Bitlayer’s ecosystem, with a focus on developing native Web3 protocols and launching Mainnet-V2. This phase will introduce a Bitcoin-native rollup featuring a proof system that combines zero-knowledge and fraud proofs, enhancing Bitcoin’s scalability and security.
Key investors in this round also include Stake Capital Group, WAGMI Ventures, GSR Ventures, and Flow Traders. Franklin Templeton‘s participation represents a significant institutional endorsement of Bitlayer’s approach to solving technical challenges within the Bitcoin ecosystem.
According to co-founder Charlie Hu, the investment affirms Bitlayer’s mission to create a secure and scalable Bitcoin L2 infrastructure. “Our goals include achieving Bitcoin finality, establishing a bitcoin security-equivalent native Layer 2, and making history in the Bitcoin world,” Hu said in a release shared with Bitcoin.com News.
What are your thoughts on Bitlayer Labs securing $11 million from investors such as Franklin Templeton and ABCDE? Share your insights and opinions in the comments section below.
