Bitcoin Layer 2 community Bitlayer has raised $16 million in complete, together with $11 million in a Collection A funding spherical, giving it a valuation of $300 million, based on an announcement printed July 23. currencyjournals.
Franklin Templetona distinguished funding administration agency and issuer of spot Bitcoin and Ethereum ETFs, led its Collection A funding spherical with ABCDE..
Bitlayer states:
“Franklin Templeton's participation marks a notable milestone as Bitlayer turns into the primary Bitcoin Layer 2 infrastructure mission to safe a strategic funding from an ETF-accredited establishment.”
Different buyers embrace Framework Ventures, Stake Capital Group, WAGMI Ventures, Skyland Ventures, Move Merchants, GSR Ventures, FalconX, and others.
Deal with BitVM’s enlargement
Bitlayer plans to make use of the funding as strategic and capital sources to help its enterprise enlargement. The corporate is growing a Bitcoin Layer 2 community based mostly on the Bitcoin Digital Machine (BitVM) system, which ensures safety on par with Bitcoin.
Bitlayer launched its mainnet V1 in April and claims to have over 200 tasks in its ecosystem, which presently ranks among the many prime Bitcoin scaling tasks with over $550 million in complete worth locked, based on information from DeFiLlama.
Following the discharge of Mainnet-V1, the Bitlayer group is engaged on Mainnet-V2, a Bitcoin-native rollup the place layer-2 state transitions are protected by a Bitcoin-compatible proof system that mixes ZK with fraud proofs.
Bitlayer co-founder Kevin He stated Bitcoin has a protracted approach to go earlier than it goes from being digital gold to being adopted by the lots. He highlighted the necessity to tackle present points akin to expertise and public notion.
He added:
“We've made an necessary milestone for the way forward for Bitcoin Layer 2. Bitlayer's value and efficiency benefits are vital, unlocking vital potential worth for Bitcoin.”
In the meantime, Bitlayer's rising success displays the evolution of the Bitcoin ecosystem: developments like Ordinals have reworked the blockchain community, reworking the ecosystem from a easy transactional forex to a platform that helps a various vary of digital property.
