- According to the company, it has raised $16 million in total to fuel the Bitcoin layer-2 revolution.
Bitlayer, a Bitcoin layer-2 network, has raised a total of $16 million, including $11 million in its Series A investment round, according to a statement shared with CryptoSlate on July 23. at a $300 million value.
ABCDE and Franklin Templeton, a reputable investment management firm and supplier of spot Ethereum and Bitcoin ETFs, led the Series A funding round.
Framework Ventures, Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, and other investors are among its other backers.
BitVM expansion with eyes
Bitlayer intends to support its expansion by using the funds for capital and strategic resources. With Bitcoin-equivalent security, the company is building a Layer 2 network around the Bitcoin Virtual Machine (BitVM) architecture.
With the introduction of its mainnet V1 in April, Bitlayer claims to have over 200 projects in its ecosystem. Based on DeFiLlama data, it is presently the most valuable Bitcoin scaling project, with over $550 million locked in total value.
The Bitlayer team is working on Mainnet-V2, a Bitcoin-native rollup, which will secure the Layer 2 state transfer with a proof mechanism that mixes fraud and ZK. This comes after the launch of Mainnet-V1.
Co-founder of Bitlayer Kevin He said that Bitcoin is still a long way from being digital gold to being widely used. He underlined how important it is to deal with current problems like public perception and technology.
The development of the Bitcoin ecosystem is reflected in Bitlayer’s increasing success in the interim. The blockchain network has changed as a result of innovations like Ordinals; it is now a platform that supports a variety of digital assets instead of just being a currency for transactions.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
