Bitlayer Labs, the first Bitcoin Layer 2 based on the BitVM paradigm, announced the completion of its $11 million Series A funding round. This funding round, led by industry leaders Franklin Templeton and ABCDE, offers powerful strategic and capital resources that will pave the way for Bitlayer’s expansion. ABCDE, along with Framework Ventures, led Bitlayer’s seed round funding.
This latest funding round brings Bitlayer’s total funding to $16 million. Additional participants included notable investors such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan, and many other value-adding investors. Notable angels in the round also included DOMO, the creator of BRC20, Brian Kang, cofounder of FactBlock KBW, and many others.
Franklin Templeton’s investment in Bitlayer marks a major milestone. And it is the first Bitcoin Layer 2 infrastructure project to receive strategic investment from an ETF-licensed institution. This partnership highlights the growing interest and momentum behind Bitlayer’s innovative solutions for technical challenges within the Bitcoin ecosystem, indicating a larger trend of institutional recognition and support for blockchain technologies.
Bitlayer’s Series A funding round will be used for ecosystem expansion, including supporting the number of native Web3 protocols built within the ecosystem. And after Mainnet-V1 launch on April 15th, Bitlayer’s development team continues to work on building Mainnet-V2, a Bitcoin-native rollup in which Layer 2 state transition is guarded by a Bitcoin-friendly proof system that combines both ZK and fraud proofs.
With strong support from strategic investors and ecosystem partners, Bitlayer is driving Bitcoin’s massive growth and adoption to become Bitcoin’s leading Layer 2 infrastructure.
KEY QUOTES:
“It’s a tremendous honor to collaborate with such valuable and world-class funds that can accelerate the development of Bitlayer’s ecosystem. 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.”
- Charlie Hu, co-founder of Bitlayer Labs
“After leading the previous round, we are thrilled to continue co-leading Bitlayer in this Series A round. 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
“We believe that Bitlayer’s unique approach and technology has the potential to unlock new use cases and opportunities for Bitcoin, and we look forward to exploring collaboration opportunities with our Bitcoin-focused financial products. This investment underscores our commitment to supporting innovation in the digital asset space.”
- Kevin Farrelly, Managing Principal of Franklin Templeton Digital Assets
