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BitVM-based Bitlayer, Bitcoin’s main L2, nets $5 million in funding, unveils $50 million “Prepared Participant One” program

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Singapore, Singapore, April 3, 2024, Chainwire

Bitlayer Labs, the primary BitVM-based Bitcoin Layer 2 resolution, introduced a $5 million seed spherical led by Framework Ventures and ABCDE Capital, with participation from StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Uneven Capital and lots of others. The announcement comes as Bitlayer prepares to launch its open incentive program Prepared Participant One, which invitations builders from around the globe to increase, enhance and construct on the protocol.

Bitlayer Labs, the developer of Bitcoin’s Layer 2 protocol Bitlayer, as we speak introduced the closing of a $5 million seed funding spherical at an $80 million valuation, resulting in its imaginative and prescient to change into the computing layer of Bitcoin.

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Ecosystem buyers and companions

The spherical was led by blockchain enterprise corporations Framework Ventures and ABCDE Capital, with participation from StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Uneven Capital, Kenetic Capital, Kestrel, World Coin Analysis, Pivot World and Web3Port. Many different unbelievable buyers added worth to the seed spherical.

Distinguished angel buyers together with Messari CEO Ryan Selkis, Messari co-founder Dan McArdle, Uneven Capital founder Dan Held, Hacken CEO Dym, Sky CEO Mavis Trung and CTO Andy and Kyber Community founder Loi Luu, amongst others, participated within the spherical .

Bitlayer’s seed spherical was delivered with great value-added help from ecosystem companions together with Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Community, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal and extra.

Bitlayer Community

Bitlayer is the primary Bitcoin Layer 2 community primarily based on BitVM that provides Bitcoin-equivalent safety and Turing completeness. The protocol goals to construct a extra scalable and related Bitcoin ecosystem.

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Securing new capital furthers Bitlayer’s management in paving the best way for extra Bitcoin Layer 2 use circumstances, a race that may propel Bitcoin to win over different blockchains when it comes to dimension, scalability and safety. The fund can even allow Bitlayer to increase its workforce by hiring throughout enterprise improvement and engineering schools to help world enlargement efforts.

Funding corporations are more and more bullish on the Bitcoin ecosystem as Bitlayer quickly good points prominence and captures business consideration.

Investor Notes

Roy Learner, Associate at Framework Ventures, spoke about Bitlayer’s enlargement with BitVM: β€œWe’re excited to help Bitlayer because it launches the primary Layer 2 Bitcoin community primarily based on BitVM. Trying on the trade-off area, BitVM struck us as probably the most sensible strategy to deliver scalability and expressiveness to the BTC ecosystem with out sacrificing safety. With world wealth exceeding $1,000 trying to make use of their BTC productively, Bitlayer is opening up the design area and introducing new DeFi use circumstances and functions. Below the management of the OG workforce, we’re impressed by the mixture of Kevin and Charlie’s deep technical background and wealthy cryptographic expertise, and we’re excited to work with them in fulfilling their imaginative and prescient to make Bitcoin a extra productive asset.”

Qiao Wang, co-founder of Alliance DAO, highlighted the way forward for bitlayers and Bitcoin L2 within the rising period: β€œUp to now decade, I’ve spent the overwhelming majority of my mental, social and monetary capital within the Ethereum ecosystem, however deep inside. I’ve at all times been a Bitcoiner. The flexibility to enhance Bitcoin’s expressivity and scalability by L2s like Bitlayer is probably the most thrilling second in Bitcoin’s historical past. It is because there’s greater than $1000 value of wealth saved in bitcoins and the holders want to do one thing productive with it. This enables for higher expressiveness and scalability. Bitlayer is among the most skilled, passionate and technically succesful groups to sort out this drawback.”

Within the midst of constructing Bitlayer, co-founder Charlie Hu shared his ideas on the protocol milestone: β€œThis help signifies the boldness of buyers and creators in Bitlayer and the workforce, and demonstrates robust help for the Bitcoin ecosystem and the way forward for Bitcoin. DeFi as an entire.”

Bitlayer is embarking on the way forward for Bitcoin with newly added capital and expects a flurry of improvement exercise and investor curiosity in Bitcoin Layer 2.

β€œBitlayer is devoted to bringing tremendous scalability to the Bitcoin ecosystem with a whole lot of hundreds of thousands of potential customers as an addressable market,” stated Kevin He, co-founder of Bitlayer. “We have constructed the most effective and easiest-to-use scalability product to offer customers with higher charge charges and sooner actions, all primarily based on the safety of Bitcoin.”

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With the Bitcoin halving approaching, the necessity for a strong Bitcoin ecosystem is extra essential than ever. Bitlayer’s exact design and rigorous safety audit in preparation for the launch of the general public mainnet is the inspiration of the protocol for a thriving builder ecosystem. The mainnet launches on April fifth, and different milestones will quickly arrive on the undertaking’s improvement pipeline.

Prepared Participant One – Ecosystem Incentive Program

With the intention to speed up the event of the ecosystem and incentivize tasks to deploy on the Bitlayer mainnet, Bitlayer is launching a sequence of ecosystem incentive packages – beginning with the primary occasion, Prepared Participant One.

The marketing campaign is an open incentive program designed to distribute token rewards value over $50 million to protocols and groups that deploy to the Bitlayer mainnet and reveal distinctive efficiency. Bitlayer’s progress is accelerating, urging robust tasks to hitch its ecosystem and develop the protocol in exponential methods.

Bitlayer is dedicated to offering complete ecosystem help for all tasks and affords the next assets to builders:

  • Potential funding from foundations and establishments
  • Preliminary liquidity help
  • Complete assets for product improvement
  • Mentoring and pitching alternatives from prime incubators
  • Help from the bitcoin neighborhood and OG
  • Ecosystem cooperation and co-creation

Customers can discover the total article right here for extra data.

About Bitlayer

Bitlayer is the primary Bitcoin Layer 2 community primarily based on BitVM that provides Bitcoin-equivalent safety and Turing completeness. Bitlayer is dedicated to changing into the compute layer for Bitcoin. It introduces ultra-scalability and inherits Bitcoin’s L1 safety, offering customers with a high-throughput and low-cost transaction expertise.

Extra about Bitlayer:

Contact

Digital Advertising and marketing Supervisor
Sky Harris
Bitlayer
(e-mail protected)

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