Bitlayer, the Bitcoin Layer 2 community, has raised a complete of $16 million, together with $11 million in a Sequence A funding spherical at a $300 million valuation, in response to a July 23 assertion shared with fromcrypto.
Franklin Templetona number one funding administration firm and issuer of spot bitcoin and ethereum ETFs, and ABCDE led the Sequence A funding spherical.
Bitlayer said:
“Franklin Templeton's participation marks a major milestone as Bitlayer turns into the primary Bitcoin Layer 2 infrastructure undertaking to safe strategic funding from an ETF-licensed establishment.”
Its different buyers embrace Framework Ventures, Stake Capital Group, WAGMI Ventures, Skyland Ventures, Stream Merchants, GSR Ventures, FalconX and others.
Eyes BitVM extension
Bitlayer plans to make use of the funds for strategic and capital sources to help its growth. The corporate is growing a Bitcoin Layer 2 community primarily based on the Bitcoin Digital Machine (BitVM) system, which gives Bitcoin-equivalent safety.
Bitlayer launched its V1 mainnet in April and claims its ecosystem has greater than 200 initiatives. In response to DeFiLlam information, it’s presently ranked as the highest Bitcoin scaling undertaking with a complete locked worth of over $550 million.
Following the launch of Mainnet-V1, the Bitlayer workforce is engaged on Mainnet-V2, a Bitcoin native rollup by which the Layer 2 state transition is secured by a Bitcoin safety system that mixes ZK and fraud proofs.
Kevin He, co-founder of Bitlayer, mentioned Bitcoin has an extended method to go from digital gold to mass adoption. He emphasised the necessity to handle present points equivalent to know-how and public notion.
Added by:
“We have now constructed a major milestone for the way forward for Bitcoin Layer 2s. The fee and efficiency benefits of Bitlayer are important, and we’re unlocking an enormous quantity of potential worth for Bitcoin.”
In the meantime, Bitlayer's rising success mirrors the evolution of the Bitcoin ecosystem. Developments like Ordinals have reworked the blockchain community, shifting its ecosystem from a easy transactional forex to a platform supporting numerous digital property.
