Bitlayer, a revolutionary Layer 2 platform built on Bitcoin, has successfully secured $9 million in its extended Series A funding round, boosting the total amount raised during this funding phase to $25 million.
The Bitcoin (BTC) Layer 2 network revealed that venture capital firm Polychain Capital spearheaded the extended round, with asset manager Franklin Templeton returning to co-lead after previously participating in the first phase.
Bitlayer Labs emphasized that this funding round plays a crucial role ahead of the highly anticipated launch of Bitlayer V2. The upcoming version will feature a Bitcoin-native rollup that utilizes OpVM, ensuring secure state transitions through the implementation of validity and fraud proofs.
Co-founder Kevin He remarked on the innovative technology:
“It empowers Bitcoin to seamlessly integrate into any programmable blockchain environment in a trustless manner, which will catalyze rapid development and widespread adoption of a decentralized application ecosystem based on Bitcoin’s substantial liquidity.”
Driving Innovation in Bitcoin’s L2 Ecosystem
This latest funding follows Bitlayer’s $5 million seed round completed in March 2024, as well as an $11 million Series A round concluded in July. Since launching its mainnet V1 on April 15, Bitlayer has demonstrated significant growth, and the recent funding further solidifies investor confidence in the platform.
Bitlayer has achieved remarkable growth, deploying over 280 decentralized applications spanning various sectors, including infrastructure, developer tools, decentralized finance, wallets, non-fungible tokens, and gaming. The platform is also witnessing increased engagement in real-world assets and the metaverse.
Strategic partnerships have emerged with leading platforms, and collaborations with blockchain security auditor Hacken and a cloud computing provider have been established to enhance security and functionality.
Prominent investors in the extended funding round include SCB Limited, Selini Capital, and G-20 Group. The July fundraising also attracted investment from notable firms, reinforcing the platform’s emerging significance in the crypto space.
