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

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Singapore, Singapore, April 3, 2024, Chainwire

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

Bitlayer Labs, developer of the Bitcoin Layer 2 protocol Bitlayer, immediately introduced the closing of a $5 million seed funding spherical at a valuation of $80 million, furthering its imaginative and prescient to turn out to be the compute layer of Bitcoin.

Buyers and ecosystem companions

Blockchain-based enterprise companies Framework Ventures and ABCDE Capital led the spherical, together with StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Ametric Capital, Kenetic Capital, Kestrel, World Coin Analysis, Pivot World, 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・Distinguished angel buyers corresponding 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, Umoja.xyz, Runesterminal, and extra. supplied value-added help.

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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.

Securing recent capital boosts Bitlayer's lead in paving the way in which for extra Bitcoin Layer 2 use circumstances, fueling competitors for Bitcoin to overwhelm different blockchains by way of dimension, scalability, and safety can be carried out. The funding may even enable Bitlayer to develop its staff by hiring throughout the Faculty of Enterprise Growth and the Faculty of Engineering to help its world enlargement efforts.

As Bitlayer rapidly rises to prominence and attracts business consideration, funding companies have gotten more and more optimistic concerning the Bitcoin ecosystem.

Investor feedback

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

Qiao Wang, co-founder of Alliance DAO, highlighted the way forward for Bitlayer and Bitcoin L2 within the rising period: I’ve all the time been a Bitcoiner. The potential to reinforce Bitcoin's expressiveness and scalability by means of L2 corresponding to Bitlayer is probably the most thrilling second in Bitcoin's historical past. That's as a result of Bitcoin shops over $1 trillion of wealth, and holders wish to do one thing productive with it. Larger expressiveness and extensibility make this attainable. Bitlayer is likely one of the most skilled, passionate and technically competent groups engaged on this challenge. ”

Within the midst of constructing Bitlayer, co-founder Charlie Hu shared his ideas on the protocol's milestones: DeFi generally. ”

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

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

Because the Bitcoin halving occasion approaches, the necessity for a strong Bitcoin ecosystem is extra necessary 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 challenge's improvement pipeline.

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Prepared Participant One – Ecosystem Incentive Program

To speed up ecosystem improvement 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 show robust efficiency. Bitlayer's development is accelerating, encouraging highly effective initiatives to affix its ecosystem and develop the protocol exponentially.

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

  • Chance of investments from foundations and establishments
  • Preliminary liquidity help
  • Complete product improvement assets
  • Alternatives for mentorship and solutions from main incubators
  • Help from the Bitcoin neighborhood and OG
  • Ecosystem collaboration and co-creation

For extra data, 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 gives customers with a high-throughput and low-cost transaction expertise.

Bitlayer particulars:

contact

digital advertising and marketing supervisor
sky harris
bit layer
(e-mail protected)

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