Bitlayer, the first Bitcoin Layer 2 based on Bitcoin finality, announced it has recently closed a $9 million extension to its previously announced Series A funding round. The extended A round is led by Polychain Capital and co-led by Franklin Templeton, with participation from SCB Limited, Selini Capital, G-20 Group and other renowned institutional investors.
Bitlayer raised a $5 million seed round in March, followed by a $11 million series A round in July from leading investors including Framework Ventures, ABCDE, Franklin Templeton, StarkWare, OKX Ventures, Alliance DAO, UTXO Management, and more.
This funding round expands the Bitlayer community to new stakeholders and individuals dedicated to the BTC ecosystem. It further solidifies Bitlayer’s position at the helm of the Bitcoin Layer 2 field, bringing Bitlayer’s total funding raised to $25 million. And Bitlayer has proposed and implemented OpVM, a future-proof Bitcoin Layer 1 verification solution that combines fraud proofs (BitVM) and validity proofs (based on OP_CAT). This solution significantly enhances the security level of various protocols within the Bitcoin ecosystem, enabling the Bitcoin Layer 1 to verify arbitrary computations.
After launching Mainnet-V1 on April 15th, over 280 Dapps were deployed on the Bitlayer network, covering infrastructure and developer tools, wallets, DeFi, NFTs, gaming, metaverse, RWAs, etc. And Bitlayer has established itself as a core ecosystem partner for over 30 Web3 platforms, fostering collaboration and shared growth. These partnerships include notable players such as Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, and Meson.
Since being founded, Bitlayer has been fully dedicated to the pioneering research and development of BitVM and OP_CAT, focusing on pushing the limits of the Bitcoin ecosystem’s capabilities and striving to enhance its programmability and efficiency through these advanced technologies.
The new capital will accelerate the development and deployment of Bitlayer, enhancing its scalability, efficiency, and user accessibility. And this includes preparation for the imminent launch of Bitlayer V2, a Bitcoin-native rollup in which state transitions are protected by Bitlayer’s OpVM technique, a verification gadget that combines both validity proofs and fraud proofs.
Bitlayer V2 will be the first native Bitcoin Layer 2 utilizing OpVM. And this is only the beginning of this exciting new chapter for Bitlayer.
KEY QUOTES:
“Our investment in Bitlayer reflects our profound belief in the transformative power of their groundbreaking solutions. Bitlayer has demonstrated an unparalleled commitment to pushing the boundaries of what’s possible within the Bitcoin space. The Bitlayer team, led by Kevin He and Charlie Hu, have assembled a diverse group of experts with a shared passion for innovation and a deep understanding of the market’s needs. The imminent launch of Bitlayer V2 is set to capture the industry’s attention and validate the immense potential of OpVM.”
-Polychain Capital
“Bitlayer’s innovative approach to blockchain technology is exemplified by its utilization of OpVM. It empowers Bitcoin to seamlessly integrate into any programmable blockchain environment in a trustless manner, which will catalyze rapid development and widespread adoption of a decentralized application ecosystem based on Bitcoin’s substantial liquidity.”
-Kevin He, co-founder of Bitlayer
