Bitlayer completes $11 million Series A funding to promote Bitcoin ecosystem development

On July 23, Bitlayer announced the completion of a $11 million Series A funding round. This round was jointly participated in by several well-known investment institutions, with Franklin Templeton Digital Assets and ABCDE Capital serving as the co-leads. Framework Ventures, which participated in the seed round, also continues to support this round of financing.

The financing round also includes investment institutions such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, and Caladan, as well as several well-known angel investors in the industry.

Bitlayer is a Bitcoin Layer 2 project based on BitVM technology, aimed at providing scalability solutions for the Bitcoin ecosystem. This financing not only highlights Bitlayer's leading position in technological innovation, but also reflects the increasing recognition and support of traditional financial institutions for blockchain technology.

Charlie Hu, co-founder of Bitlayer Labs, stated: "We are very honored to collaborate with these top funds to promote the development of the Bitlayer ecosystem. The participation of leading industry institutions in this round of financing highlights our leading position in the Bitcoin ecosystem. Our goal is to establish a secure equivalent native layer two network based on the finality of Bitcoin, writing a new chapter in the history of Bitcoin."

ABCDE Capital's managing partner BMAN stated: "After the last round of financing, we are pleased to continue leading the Series A for Bitlayer. Bitlayer has stood out in the Bitcoin Layer 2 solutions, accumulating over $500 million in total locked value and 300 ecosystem projects, building the most prosperous Bitcoin Layer 2 ecosystem. With its implementation of Bitcoin native verification, Bitlayer will become the first native Bitcoin Layer 2 network, which is undoubtedly a milestone in the history of Bitcoin development."

Franklin Templeton managing partner Kevin Farrelly stated: "We believe that the uniqueness and technology of Bitlayer have the potential to unlock new application scenarios and opportunities for Bitcoin. We look forward to the Bitlayer team collaborating with us and other products focused on Bitcoin finance to explore cooperation opportunities. This investment underscores our commitment to supporting innovation in the digital asset space."

Since its establishment, Bitlayer has made significant progress in developer support, ecosystem development, and user acquisition. Currently, Bitlayer has achieved several important milestones, including the release of a technical white paper, the launch of a developer incentive program, the launch of the mainnet V1 version, the introduction of an application leaderboard competition, and a series of node activities.

According to the statistics from the data platform, the total value of assets locked in the current Bitcoin second layer network is approximately 1.2 billion USD. Among them, Bitlayer ranks first with a share of 32.78%, followed by several platforms with shares of 18.27%, 14.75%, and 13.61%, respectively.

In addition, Bitlayer is building the largest ecosystem in the Bitcoin Layer 2 network. Currently, there are hundreds of projects being developed on the Bitlayer network, covering various fields such as infrastructure, developer tools, wallets, decentralized finance, non-fungible tokens, gaming, the metaverse, and tokenization of real assets, demonstrating a vigorous development momentum.

For a long time, the Bitcoin community has been seeking solutions to achieve scalability while maintaining core security and decentralization principles. There is a huge demand in the market for solutions that can address all three of these issues simultaneously.

Bitlayer plans to use the proceeds from this round of financing to strengthen global expansion and support more teams in building native protocols on its platform. By providing a faster and more cost-effective trading experience, Bitlayer aims to accelerate the adoption of Bitcoin in the decentralized finance space, paving the way for its widespread use.

Technically, since the launch of the mainnet V1 version on April 15, the Bitlayer development team has been focused on researching the mainnet V2 version. This will be a Bitcoin-native rollup solution, whose layer two state transitions will be supported by a Bitcoin-friendly proof system that combines zero-knowledge proofs and fraud proofs.

In the future, with the full support of strategic investors and ecosystem partners, Bitlayer will continue to drive the growth and adoption of Bitcoin, striving to become the leading Bitcoin Layer 2 infrastructure.