Bitlayer Labs, a Singapore-based Bitcoin Layer 2 based on the BitVM paradigm, raised $11M in Series A funding. The round, which brought the total amount to $16M, was led by Franklin Templeton and ABCDE.
Singapore-based Bitcoin Layer 2 Bitlayer Labs, offering a solution powered by the BitVM paradigm, has secured $11 million in Series A funding.
The round, which brings Bitlayer’s total funding to $16 million, was led by Franklin Templeton and saw participation from returning investors ABCDE, Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs and Caladan.
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The company, which recently launched its testnet, will use the fresh capital to fuel its growth and development endeavors.
Founded in 2023, Bitlayer boasts a team with deep experience in cryptography, distributed systems and finance. It is currently working on a Bitcoin Layer 2 solution that combines the strengths of both BTC and ETH Layer 2s.
Bitlayer’s solution is designed to offer high throughput, low transaction costs and strong security while remaining EVM-compatible and enabling developers to build a wide range of applications on top of Bitcoin.
The company’s technology has the potential to significantly enhance Bitcoin’s scalability and open up new possibilities for the world’s largest cryptocurrency.
Notably, ABCDE had earlier led Bitlayer’s seed round of funding together with Framework Ventures.
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