Bitcoin Layer 2 Project Bitlayer Completes $11 Million Series A Funding

On July 23, Bitlayer announced the completion of a $11 million Series A financing. This round of financing was jointly led by Franklin Templeton Digital Assets and ABCDE Capital, with previous seed round leader Framework Ventures also continuing to participate. Other participants include 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 angel investors like BRC20 founder DOMO and FactBlock KBW co-founder Brian Kang.

Bitlayer is a Bitcoin layer two project based on BitVM. This financing not only demonstrates Bitlayer's leading position in technological innovation within the Bitcoin ecosystem but also reflects the increasing recognition and support for blockchain technology from traditional financial institutions.

Charlie Hu, co-founder of Bitlayer Labs, stated: "It is exciting to collaborate with these top funds that are driving the Bitlayer ecosystem. Our goal is to build a secure equivalent native Layer 2 on top of Bitcoin finality, making a historic contribution to the Bitcoin ecosystem."

ABCDE Capital managing partner BMAN commented: "Bitlayer stands out in Bitcoin Layer 2, having accumulated over $500 million in TVL and 300 ecological projects, building the most prosperous Bitcoin Layer 2 ecosystem. With its implementation of native verification on Bitcoin, Bitlayer will become the first native Bitcoin Layer 2, marking a groundbreaking moment in the history of Bitcoin development."

Kevin Farrelly, Managing Partner at Franklin Templeton, stated: "We believe Bitlayer's uniqueness and technology have the potential to unlock new applications and opportunities for Bitcoin. This investment underscores our commitment to supporting innovation in the digital asset space."

Since the establishment of the team, Bitlayer has achieved multiple milestones in developer deployment, ecosystem construction, and user acquisition, including the release of the technical white paper, the launch of the developer incentive airdrop program, the launch of Mainnet-V1, the introduction of the Dapp leaderboard competition, and a series of pioneer mining festival activities.

According to statistics from a certain data platform, the total locked asset value on the current Bitcoin Layer 2 chains is approximately $1.2 billion, with Bitlayer ranking first in this sector's TVL at a share of 32.78%. Following closely are Merlin, Rootstock, and CORE, with shares of 18.27%, 14.75%, and 13.61%, respectively.

Bitlayer is building the largest ecosystem map for Bitcoin Layer 2, with hundreds of projects currently being developed on its network, covering various fields such as infrastructure and developer tools, wallets, DeFi, NFTs, gaming and the metaverse, as well as RWA.

For a long time, the Bitcoin community has been striving to achieve scalability while maintaining core security and decentralization principles. Bitlayer aims to strengthen global expansion through this round of financing, supporting more teams to build native protocols on its platform. By providing a faster and more cost-effective trading experience, Bitlayer is expected to accelerate the application of Bitcoin in the DeFi space, paving the way for its widespread adoption.

On the technical side, since the launch of Mainnet-V1 on April 15 of this year, the Bitlayer development team has been working on Mainnet-V2, which is a Bitcoin-native rollup. Its Layer 2 state transitions will be supported by a Bitcoin-friendly proof system that combines ZK and fraud proofs.

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