Bitlayer Labs Secures $11 Million to Advance Bitcoin Layer 2 Solution

With the BitVM framework, Bitlayer Labs has created a novel Bitcoin layer two (L2) solution. The company has closed a Series A fundraising round with success. Led by Franklin Templeton and ABCDE, the company raised $11 million. Bitlayer now has $16 million in total funding, raising its worth to $300 million with this additional round.

With an eye toward improving the Bitcoin ecosystem, the investment will fuel Bitlayer’s growth. With these funds, Bitlayer will be able to launch Mainnet-V2 and expand their Web3 protocols. A rollup for Bitcoin that integrates fraud proofs and zero-knowledge will be unveiled in this upcoming phase, enhancing security and scalability.

Institutional Backing and Strategic Goals

In addition to Franklin Templeton, other significant investors include Stake Capital Group, WAGMI Ventures, GSR Ventures, and Flow Traders. This institutional backing underscores the confidence in Bitlayer’s strategy to address Bitcoin’s scalability and functionality challenges.

Co-founder Charlie Hu emphasized the importance of this investment. “Our goals include achieving Bitcoin finality, establishing a bitcoin security-equivalent native Layer 2, and making history in the Bitcoin world,” Hu said.