BitVM-based Bitlayer, main Bitcoin L2, secures $5 million in funding, broadcasts $50 million “Prepared Participant One” program


Singapore, Singapore, April 3, 2024, Chainwire

Bitlayer Labs, the primary Layer 2 answer primarily based on BitVM, broadcasts $5 million seed spherical led by Framework Ventures and ABCDE Capital with participation from StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Ametric Capital and others Did. The announcement comes as Bitlayer prepares to launch its open incentive program Prepared Participant One, inviting builders all over the world to increase, improve, and construct on the protocol.

Bitlayer Labs, developer of the Bitcoin Layer 2 protocol Bitlayer, in the present day introduced the closing of a $5 million seed funding spherical at a valuation of $80 million, furthering its imaginative and prescient to change into the compute layer of Bitcoin.

Buyers and ecosystem companions

Blockchain-based enterprise corporations Framework Ventures and ABCDE Capital led the spherical, together with StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Ametric Capital, Kenetic Capital, Kestrel, International Coin Analysis, Pivot International, and Web3Port. participated. Many different nice buyers added worth to the seed spherical.

Messari CEO Ryan Serkis, Messari Co-Founder Dan McArdle, Uneven Capital Founder Dan Held, Hakken CEO Dyma, Sky Mavis CEO Thurn and CTO Andy, Khyber・Outstanding angel buyers comparable to community founder Roy Lu participated on this spherical of funding.

Bitlayer's seed spherical is funded by a high-flying seed spherical from ecosystem companions together with Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Community, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol,, Runesterminal, and extra. offered value-added help.

bit layer community

Bitlayer is the primary Bitcoin Layer 2 community primarily based on BitVM, providing Bitcoin-like safety and Turing-completeness. This protocol goals to create a extra scalable and interconnected Bitcoin ecosystem.

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Securing contemporary capital boosts Bitlayer's lead in paving the best way for extra Bitcoin Layer 2 use instances, fueling competitors for Bitcoin to overwhelm different blockchains by way of dimension, scalability, and safety will probably be completed. The funding can even enable Bitlayer to develop its staff by hiring throughout the College of Enterprise Improvement and the College of Engineering to help its world enlargement efforts.

As Bitlayer shortly rises to prominence and attracts trade consideration, funding corporations have gotten more and more optimistic concerning the Bitcoin ecosystem.

Investor feedback

Roy Learner, Associate at Framework Ventures, talked about extending Bitlayer with BitVM: Wanting into the realm of trade-offs, BitVM was discovered to be essentially the most sensible method to convey scalability and expressiveness to his BTC ecosystem with out sacrificing safety. With over $1 trillion of world wealth seeking to make the most of BTC productively, Bitlayer opens up the design area to introduce new DeFi use instances and purposes. Led by the staff at OG, we’re impressed by Kevin and Charlie's mix of deep technical background and intensive crypto expertise, and are wanting ahead to working with them to appreciate their imaginative and prescient of creating Bitcoin a extra productive asset. We’re excited to companion with them. ”

Qiao Wang, co-founder of Alliance DAO, highlighted the way forward for Bitlayer and Bitcoin L2 within the rising period: I've at all times been a Bitcoiner. The potential to boost Bitcoin's expressiveness and scalability via L2 comparable to Bitlayer is essentially the most thrilling second in Bitcoin's historical past. That's as a result of Bitcoin shops over $1 trillion of wealth, and holders need to do one thing productive with it. Higher expressiveness and extensibility make this doable. Bitlayer is without doubt one of the most skilled, passionate and technically competent groups engaged on this problem. ”

Within the midst of constructing Bitlayer, co-founder Charlie Hu shared his ideas on the protocol's milestones: “This help exhibits that buyers and builders trust in his Bitlayer and staff, and exhibits sturdy help for the Bitcoin ecosystem and the way forward for Bitcoin,” DeFi typically. ”

Bitlayer anticipates a surge in growth exercise and investor curiosity within the Bitcoin Layer 2 area and can tackle the way forward for Bitcoin with the newly offered capital.

“Bitlayer is devoted to bringing tremendous scalability to the Bitcoin ecosystem as a market for a whole lot of thousands and thousands of potential customers,” mentioned Bitlayer co-founder Kevin He. “We have now created the most effective, easy-to-use, scalable product, all primarily based on the safety foundations of Bitcoin, to supply our customers with higher fee charges and sooner motion.”

Because the Bitcoin halving occasion approaches, the necessity for a strong Bitcoin ecosystem is extra essential than ever. Bitlayer's rigorous design and rigorous safety audit in preparation for public mainnet launch prepares the protocol for a thriving builder ecosystem. Mainnet launched on April fifth, with extra milestones arriving quickly within the venture's growth pipeline.

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Prepared Participant One – Ecosystem Incentive Program

To speed up ecosystem growth and encourage initiatives to deploy on Bitlayer mainnet, Bitlayer is launching a collection of ecosystem incentive packages, beginning with the primary occasion, Prepared Participant One.

The marketing campaign is an open incentive program designed to distribute over $50 million value of token rewards to protocols and groups that deploy to the Bitlayer mainnet and exhibit sturdy efficiency. Bitlayer's progress is accelerating, encouraging highly effective initiatives to hitch its ecosystem and develop the protocol exponentially.

Bitlayer is dedicated to offering complete ecosystem help for all initiatives and supplies builders with the next sources:

  • Chance of investments from foundations and establishments
  • Preliminary liquidity help
  • Complete product growth sources
  • Alternatives for mentorship and solutions from main incubators
  • Assist from the Bitcoin group and OG
  • Ecosystem collaboration and co-creation

For extra info, learn the total article right here.

About bitlayers

Bitlayer is the primary Bitcoin Layer 2 community primarily based on BitVM, providing Bitcoin-like safety and Turing-completeness. Bitlayer is dedicated to changing into the computational layer for Bitcoin. It introduces ultra-scalability, inherits Bitcoin's L1 safety, and supplies customers with a high-throughput and low-cost transaction expertise.

Bitlayer particulars:

Web site | Twitter | Discord | Medium | GitHub

contactdigital advertising and marketing supervisorsky harrisbit layer[email protected]

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