Bitlayer Closes $11M Series A Funding Round, Led by Franklin Templeton and ABCDE

Bitlayer Labs, known for its Bitcoin layer two (L2) solution based on the BitVM paradigm, has secured $11 million in Series A funding led by Franklin Templeton and ABCDE. 

This round boosts Bitlayer’s total funding to $16 million and raises its valuation to $300 million. The new funds will drive the development of native Web3 protocols and the launch of Mainnet-V2, which will introduce a Bitcoin-native rollup with enhanced scalability and security through zero-knowledge and fraud proofs. 

The investment highlights significant institutional support for Bitlayer’s efforts to advance Bitcoin’s functionality without altering its core network. Co-founder Charlie Hu emphasized that this backing reaffirms their mission to achieve Bitcoin finality and create a secure, scalable L2 infrastructure.

Clever Robot News Desk 25^th July 2024