Bitlayer, a pioneering Bitcoin Layer 2 network developer, has successfully raised $11 million in its Series A funding round. This round was led by prominent industry leaders Franklin Templeton and ABCDE, bringing the company’s total funding to $16 million.
Strategic Investment to Drive Innovation
The Series A funding round marks a significant milestone for Bitlayer, highlighting the growing institutional interest in blockchain technology. Franklin Templeton’s involvement is particularly noteworthy as it represents the first strategic investment in a Bitcoin Layer 2 infrastructure project by an ETF-licensed institution. This partnership underscores the increasing momentum and recognition of Bitlayer’s innovative solutions to the technical challenges faced by the Bitcoin network.
Key Investors and Their Roles
In addition to Franklin Templeton and ABCDE, the funding round saw participation from several other notable investors, including Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, and Caladan, according to PRNewswire. Noteworthy angels such as DOMO, the creator of BRC20, and Brian Kang, co-founder of FactBlock KBW, also contributed to the round.
Vision for the Future
Bitlayer aims to leverage this new capital to accelerate the development of its ecosystem. The company plans to address Bitcoin’s trade-offs between security and scalability through cryptographic innovations and blockchain protocol engineering. By achieving Bitcoin finality and establishing a security-equivalent native Layer 2, Bitlayer aspires to become a seminal player in the Bitcoin world.
Statements from Key Stakeholders
Charlie Hu, co-founder of Bitlayer Labs, expressed his excitement about the partnership: “It’s a tremendous honor to collaborate with such valuable and world-class funds that can accelerate the development of Bitlayer’s ecosystem. This Series A funding from some of the most respected entities in the blockchain space validates our mission to make breakthroughs in the Bitcoin ecosystem”.
BMAN, Managing Partner of ABCDE Capital, added: “After leading the previous round, we are thrilled to continue co-leading Bitlayer in this Series A round. Bitlayer stands out in the field of Bitcoin Layer 2s, accumulating more than $500 million TVL and 300 ecological projects to create the strongest Bitcoin Layer 2 ecosystem”.
Kevin Farrelly, Managing Principal of Franklin Templeton Digital Assets, emphasized the potential of Bitlayer’s technology: “We believe that Bitlayer’s unique approach and technology has the potential to unlock new use cases and opportunities for Bitcoin, and we look forward to exploring collaboration opportunities with our Bitcoin-focused financial products”.
