BitVM-Based mostly Bitlayer, a Main Bitcoin L2, Nets $5M in Funding, Unveils $50M ‘Prepared Participant One’ Program

Singapore, Singapore, April third, 2024, Chainwire

Bitlayer Labs, the primary Bitcoin Layer 2 answer primarily based on BitVM, introduced a seed spherical of $5M led by Framework Ventures and ABCDE Capital, participation by StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Uneven Capital and lots of extra. The announcement comes as Bitlayer prepares the launch of its open-incentive program Prepared Participant One, inviting builders worldwide to reinforce, improve, and construct on the protocol.

Bitlayer Labs, the developer of Bitcoin Layer 2 protocol Bitlayer, introduced at the moment the shut of a $5 million seed funding spherical at an $80 million valuation, driving a imaginative and prescient to change into the computation layer of Bitcoin.

Traders & Ecosystem Companions

Blockchain-based enterprise companies Framework Ventures and ABCDE Capital led the spherical, with participation from StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Uneven Capital, Kenetic Capital, Kestrel, World Coin Analysis, Pivot World, and Web3Port. Many different unbelievable traders added worth to the seed spherical.

Distinguished angel traders together with Messari CEO Ryan Selkis, Messari co-founder Dan McArdle, Uneven Capital founder Dan Held, Hacken CEO Dyma, Sky Mavis CEO Trung and CTO Andy, and Kyber Community founder Loi Luu, amongst others, joined in capitalizing the spherical.

Bitlayer’s seed spherical was delivered hovering value-add help from ecosystem companions together with Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Community, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal, and extra.

The Bitlayer Community

Bitlayer is the primary Bitcoin Layer 2 community primarily based on BitVM, providing Bitcoin-equivalent safety and Turing completeness. The protocol goals to construct a extra scalable and interconnected Bitcoin ecosystem.

The securing of recent capital pushes Bitlayer’s lead in paving the way in which for extra Bitcoin Layer 2 use instances, a race that can propel Bitcoin to prevail over different blockchains in dimension, scalability, and safety. The fund will even allow Bitlayer to develop its workforce by hiring throughout enterprise improvement and engineering colleges to help international growth efforts.

Funding companies are more and more optimistic in regards to the Bitcoin ecosystem as Bitlayer is quickly gaining prominence, capturing the business’s consideration.

Investor Remarks

Roy Learner, associate at Framework Ventures, spoke on the augmentation of Bitlayer with BitVM: “We’re excited to again Bitlayer as they launch the primary Bitcoin Layer 2 community primarily based on BitVM. Wanting on the trade-off house, BitVM struck us as essentially the most sensible strategy to deliver scalability and expressiveness into the BTC ecosystem with out sacrificing safety. With over $1T of world wealth seeking to productively make the most of their BTC, Bitlayer opens up the design house to introduce novel DeFi use instances and purposes. Led by a workforce of OGs, we’ve been impressed by Kevin and Charlie’s mix of deep technical background and wealthy crypto expertise and are excited to associate with them as they ship on their imaginative and prescient of constructing Bitcoin a extra productive asset.”

Qiao Wang, co-founder of Alliance DAO, emphasised the way forward for Bitlayer and Bitcoin L2s within the rising period: “I spent the overwhelming majority of my mental, social, and monetary capital within the Ethereum ecosystem within the final decade, however deep down I’ve at all times been a Bitcoiner. The chance to reinforce Bitcoin’s expressiveness and scalability through L2s corresponding to Bitlayer is essentially the most thrilling second within the historical past of Bitcoin. That’s as a result of there’s over $1T of wealth saved on Bitcoin, and the holders would need to do one thing productive with it. Better expressiveness and scalability allow this. Bitlayer is without doubt one of the most skilled, passionate, and technically succesful groups to deal with this drawback.”

Within the midst of constructing Bitlayer, co-founder Charlie Hu shared his ideas on the protocol’s milestone: “This help signifies traders’ and builders’ belief in Bitlayer and the workforce, and demonstrates a strong backing for the Bitcoin ecosystem and the way forward for Bitcoin DeFi at massive.”

Bitlayer ventures into the way forward for Bitcoin with newly provided capital, anticipating a rush of improvement exercise and investor curiosity within the Bitcoin Layer 2 house.

“Bitlayer is devoted to bringing tremendous scalability into the Bitcoin ecosystem, with a whole lot of hundreds of thousands of potential customers as an addressable market,” stated Kevin He, co-founder of Bitlayer. “We’ve created the very best, easiest-to-use scalability product as a way to give customers higher price charges and sooner actions, all primarily based on Bitcoin’s safety basis.”

With the strategy of the Bitcoin halving occasion, the necessity for a strong Bitcoin ecosystem turns into extra necessary than ever. Bitlayer’s exacting design and rigorous safety auditing in preparation for public mainnet launch primes the protocol for a flourishing builder ecosystem. Mainnet launches on April fifth, with extra milestones arriving quickly on the undertaking’s improvement pipeline.

Prepared Participant One– Ecosystem Incentive Program

To speed up ecosystem improvement and incentivize tasks to deploy on the Bitlayer mainnet, Bitlayer is launching a sequence of ecosystem incentive packages– beginning with the primary occasion, Prepared Participant One.

The marketing campaign is an open incentive program designed to distribute token rewards valued at over $50M to protocols and groups that deploy to the Bitlayer mainnet and exhibit distinctive efficiency. Bitlayer’s development is accelerating, urging robust tasks to hitch its ecosystem to develop the protocol in exponential methods.

Bitlayer commits to offering complete ecosystem help for all tasks, providing the next assets to builders:

• Potential funding from the inspiration and establishments
• Preliminary liquidity help
• Complete product improvement assets
• Mentorship and pitch alternatives from top-tier incubators
• Help from the Bitcoin neighborhood and OGs
• Ecosystem collaboration and co-creation

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About Bitlayer

Bitlayer is the primary Bitcoin Layer 2 community primarily based on BitVM, providing Bitcoin-equivalent safety and Turing-completeness. Bitlayer is dedicated to turning into the computation layer for Bitcoin. It introduces ultra-scalability and inherits Bitcoin’s L1 safety, offering customers with excessive throughput and a low-cost transaction expertise.

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Contact

Digital Advertising and marketing Supervisor
Sky Harris
Bitlayer
[email protected]