Bitlayer, a Layer 2 platform built on top of the Bitcoin network, has successfully raised $9 million in its extended Series A funding round, bringing the total amount raised during this round to $25 million. The funding round was led by venture capital firm Polychain Capital, with asset manager Franklin Templeton also co-leading the round.
The team at Bitlayer Labs is excited about this latest round of funding as it paves the way for the upcoming launch of Bitlayer V2. This new version will introduce a Bitcoin-native rollup that leverages OpVM, providing enhanced security through validity proofs and fraud proofs. Co-founder Kevin He emphasized the significance of this technology, stating that it will allow Bitcoin to seamlessly integrate into various programmable blockchain environments in a trustless manner, ultimately driving the development and adoption of a decentralized application ecosystem based on Bitcoin’s liquidity.
This latest investment comes on the heels of Bitlayer’s successful $5 million seed round in March 2024 and an $11 million Series A round in July. Since the launch of its mainnet V1 on April 15, Bitlayer has seen significant growth and adoption. The platform now boasts over 280 decentralized applications spanning various sectors such as infrastructure, developer tools, decentralized finance, wallets, non-fungible tokens, and gaming. Additionally, real-world assets and the metaverse are gaining traction on the network.
Bitlayer has also formed key partnerships with industry players like Ankr, Polyhedra, Particle Network, and Babylon. Collaborations with blockchain security auditor Hacken and cloud computing provider AWS Cloud further enhance the platform’s security and scalability. The extended funding round saw participation from SCB Limited, Selini Capital, and G-20 Group, while the previous round in July attracted investment from Framework Ventures, Franklin Templeton, ABCDE, and OKX Ventures, among others.
Overall, the continued support and investment in Bitlayer underscore the growing confidence in the platform’s capabilities and its potential to advance Bitcoin’s Layer 2 ecosystem. With the upcoming launch of Bitlayer V2 and a strong network of partners, Bitlayer is well-positioned to drive innovation and adoption within the decentralized application space.