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Bitlayer, a Bitcoin layer-2 community, has raised a complete of $16 million, together with $11 million in its Sequence A funding spherical at a $300 million valuation, in response to a July 23 assertion shared with StarCrypto.
Franklin Templeton, a distinguished funding administration agency and issuer of spot Bitcoin and Ethereum ETFs, and ABCDE led the Sequence A funding spherical.
Bitlayer said:
“Franklin Templeton’s participation marks a notable milestone as Bitlayer turns into the primary Bitcoin Layer 2 infrastructure challenge to safe strategic funding from an ETF-licensed establishment.”
Its different traders embody Framework Ventures, Stake Capital Group, WAGMI Ventures, Skyland Ventures, Stream Merchants, GSR Ventures, FalconX, and others.
Eyes BitVM growth
Bitlayer plans to make use of the funding for strategic and capital sources to assist its growth. The agency is growing a Bitcoin Layer 2 community primarily based on the Bitcoin Digital Machine (BitVM) system, which ensures Bitcoin-equivalent safety.
Bitlayer launched its mainnet V1 in April and claims its ecosystem has over 200 initiatives. It’s at present ranked as the highest Bitcoin scaling challenge with over $550 million in complete worth locked, in response to DeFiLlama knowledge.
Following the launch of Mainnet-V1, the Bitlayer staff is engaged on Mainnet-V2, a Bitcoin-native rollup by which the Layer 2 state transition is secured by a Bitcoin-friendly proof system that mixes ZK and fraud proofs.
Kevin He, Bitlayer Co-Founder, said that Bitcoin has a protracted solution to go from digital gold to mass adoption. He emphasised the necessity to handle present points like expertise and public notion.
He added:
“We’ve constructed a big milestone for the way forward for Bitcoin Layer 2s. The price and efficiency benefits of Bitlayer are important, and we’re unlocking an enormous quantity of potential worth for Bitcoin.”
In the meantime, Bitlayer’s rising success displays the evolution of the Bitcoin ecosystem. Developments like Ordinals have reworked the blockchain community, shifting its ecosystem from a easy transactional foreign money to a platform supporting various digital property.