Bitlayer Secures $11 Million in Series A Funding Round
Bitlayer, a Bitcoin-focused layer-2 solution, has announced that it has successfully raised $11 million in its Series A funding round. The round was led by Franklin Templeton and ABCDE, bringing the total funding for Bitlayer to $16 million.
The funding will be used to expand Bitlayer’s ecosystem by supporting a wider range of protocols within the platform. One of the key components of Bitlayer is BitVM, a system that enables smart contracts to be executed on the Bitcoin network. This unique feature sets Bitlayer apart in the Bitcoin ecosystem and has already garnered over $500 million in total locked value with approximately 300 projects.
BMAN, managing partner of ABCDE Capital, praised Bitlayer for its innovative approach and its pivotal role in the Bitcoin network. He highlighted Bitlayer’s upcoming milestone of becoming the first native Bitcoin layer-2 solution, which will further enhance the capabilities of the platform.
In addition to expanding its ecosystem, the funding will also be used to develop Bitlayer’s Mainnet-V2, a Bitcoin-native rollup that utilizes a Bitcoin-friendly proof system combining ZK and fraud proofs to secure layer-2 state transitions. This development is crucial in driving the adoption of Web3 protocols within the Bitcoin ecosystem.
The potential for growth in the Bitcoin-based decentralized finance sector is significant, with projections suggesting that it could attract hundreds of billions of dollars in liquidity through Web3 protocols. If Bitcoin can capture a similar market share as Ethereum, it could see an influx of approximately $225 billion in value.
The funding round was also supported by Stake Capital Group, WAGMI Ventures, Skyland Ventures, and GSR Ventures, among others. With the backing of these investors, Bitlayer is well-positioned to further enhance its platform and solidify its position as a key player in the Bitcoin ecosystem.
Overall, the Series A funding round marks a significant milestone for Bitlayer as it looks to expand its offerings and drive innovation within the Bitcoin network. With the support of leading investors, Bitlayer is poised to make a lasting impact on the future of decentralized finance on the Bitcoin blockchain.