BitVM-Primarily based 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 Layer 2 resolution based mostly 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 plenty of extra. The announcement comes as Bitlayer prepares the launch of its open-incentive program Prepared Participant One, inviting builders worldwide to enhance, improve, and construct on the protocol.

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

Buyers & 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.

Outstanding 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 assist 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 based mostly on BitVM, providing Bitcoin-equivalent safety and Turing completeness. The protocol goals to construct a extra scalable and interconnected Bitcoin ecosystem.

The securing of latest capital pushes Bitlayer’s lead in paving the way in which for extra Bitcoin Layer 2 use circumstances, a race that may propel Bitcoin to prevail over different blockchains in dimension, scalability, and safety. The fund may also allow Bitlayer to develop its staff by hiring throughout enterprise growth and engineering colleges to assist world enlargement efforts.

Funding companies are more and more optimistic in regards to the Bitcoin ecosystem as Bitlayer is quickly gaining prominence, capturing the trade’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 based mostly on BitVM. Trying on the trade-off area, BitVM struck us as probably the most sensible method to convey scalability and expressiveness into the BTC ecosystem with out sacrificing safety. With over $1T of worldwide wealth trying to productively make the most of their BTC, Bitlayer opens up the design area to introduce novel DeFi use circumstances and functions. Led by a staff of OGs, we have 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 creating 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 ecosystem within the final decade, however deep down I’ve all the time been a Bitcoiner. The chance to reinforce Bitcoin’s expressiveness and scalability through L2s equivalent to Bitlayer is probably 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 wish to do one thing productive with it. Larger expressiveness and scalability allow this. Bitlayer is among the most skilled, passionate, and technically succesful groups to sort out this drawback.”

Within the midst of constructing Bitlayer, co-founder Charlie Hu shared his ideas on the protocol’s milestone: “This assist signifies traders’ and builders’ belief in Bitlayer and the staff, 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 equipped capital, anticipating a rush of growth exercise and investor curiosity within the Bitcoin Layer 2 area.

“Bitlayer is devoted to bringing tremendous scalability into the Bitcoin ecosystem, with tons of of thousands and thousands of potential customers as an addressable market,” mentioned Kevin He, co-founder of Bitlayer. “We’ve created the most effective, easiest-to-use scalability product as a way to give customers higher payment charges and quicker actions, all based mostly on Bitcoin’s safety basis.”

With the method of the Bitcoin halving occasion, the necessity for a strong Bitcoin ecosystem turns into extra essential 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 growth pipeline.

Prepared Participant One– Ecosystem Incentive Program

To speed up ecosystem growth and incentivize initiatives 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 initiatives to hitch its ecosystem to develop the protocol in exponential methods.

Bitlayer commits to offering complete ecosystem assist for all initiatives, providing the next assets to builders:

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

Customers can discover the complete article right here for extra data.

About Bitlayer

Bitlayer is the primary Bitcoin Layer 2 community based mostly on BitVM, providing Bitcoin-equivalent safety and Turing-completeness. Bitlayer is dedicated to changing 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.

Extra on Bitlayer:

Web site | Twitter | Discord | Medium | Github

ContactDigital Advertising SupervisorSky HarrisBitlayerskyler@bitlayer.org

This text was initially revealed on Chainwire