Originally published on: October 08, 2024
BitLayer, a Bitcoin layer-2 platform, has successfully extended its Series A funding round by securing an additional $9 million investment from renowned investors Polychain Capital and Franklin Templeton. This recent funding boost highlights the growing confidence in BitLayer’s innovative technology and solutions within the cryptocurrency space.
In addition to Polychain Capital and Franklin Templeton, SCB Limited, Selini Capital, and G-20 Group also participated in this funding round, further solidifying BitLayer’s position in the market. The company’s groundbreaking OpVM solution, which combines fraud proofs and validity proofs to enhance security and functionality on Bitcoin’s base layer, has garnered significant attention and support from investors.
BitLayer’s mainnet, launched in April 2024, has seen remarkable growth, generating close to $900 million in fees in September alone. With a total value locked of $380.7 million, BitLayer is poised for further expansion and development. The latest funding injection will fuel the upcoming launch of BitLayer v2, driving innovation and progress within the platform.
Venture firms such as Framework Ventures, ABCDE, StarkWare, OKX Ventures, Alliance DAO, and UTXO Management have also shown their support for BitLayer, recognizing the company’s potential and trajectory in the evolving cryptocurrency landscape. With a total funding amount of $25 million to date, BitLayer is set to make waves in the industry.
BitLayer’s co-founder, Charlie Hu, has revealed that Franklin Templeton is exploring new avenues to unlock yield for its clients through digital assets, particularly within the Bitcoin network. The potential collaboration between BitLayer and Franklin Templeton represents an exciting opportunity to expand the use of digital assets and enhance the overall ecosystem.
As BitLayer continues to innovate and grow, the company’s strategic partnerships and investments position it as a key player in the cryptocurrency sector. With the support of leading investors and a clear vision for the future, BitLayer is well-equipped to drive progress and transformation in the blockchain industry. Stay tuned for more updates on BitLayer’s exciting journey!
