Bitlayer,
a
Bitcoin
layer-2
network,
has
raised
a
total
of
$16
million,
including
$11
million
in
its
Series
A
funding
round
at
a
$300
million
valuation,
according
to
a
July
23
statement
shared
with
CryptoSlate.
Franklin
Templeton,
a
prominent
investment
management
firm
and
issuer
of
spot
Bitcoin
and
Ethereum
ETFs,
and
ABCDE
led
the
Series
A
funding
round.
Bitlayer
stated:
“Franklin
Templeton’s
participation
marks
a
notable
milestone
as
Bitlayer
becomes
the
first
Bitcoin
Layer
2
infrastructure
project
to
secure
strategic
investment
from
an
ETF-licensed
institution.”
Its
other
investors
include
Framework
Ventures,
Stake
Capital
Group,
WAGMI
Ventures,
Skyland
Ventures,
Flow
Traders,
GSR
Ventures,
FalconX,
and
others.
Eyes
BitVM
expansion
Bitlayer
plans
to
use
the
funding
for
strategic
and
capital
resources
to
support
its
expansion.
The
firm
is
developing
a
Bitcoin
Layer
2
network
based
on
the
Bitcoin
Virtual
Machine
(BitVM)
system,
which
ensures
Bitcoin-equivalent
security.
Bitlayer
launched
its
mainnet
V1
in
April
and
claims
its
ecosystem
has
over
200
projects.
It
is
currently
ranked
as
the
top
Bitcoin
scaling
project
with
over
$550
million
in
total
value
locked,
according
to
DeFiLlama
data.
Following
the
launch
of
Mainnet-V1,
the
Bitlayer
team
is
working
on
Mainnet-V2,
a
Bitcoin-native
rollup
in
which
the
Layer
2
state
transition
is
secured
by
a
Bitcoin-friendly
proof
system
that
combines
ZK
and
fraud
proofs.
Kevin
He,
Bitlayer
Co-Founder,
stated
that
Bitcoin
has
a
long
way
to
go
from
digital
gold
to
mass
adoption.
He
emphasized
the
need
to
address
existing
issues
like
technology
and
public
perception.
He
added:
“We’ve
built
a
significant
milestone
for
the
future
of
Bitcoin
Layer
2s.
The
cost
and
performance
advantages
of
Bitlayer
are
significant,
and
we’re
unlocking
a
huge
amount
of
potential
value
for
Bitcoin.”
Meanwhile,
Bitlayer’s
growing
success
reflects
the
evolution
of
the
Bitcoin
ecosystem.
Developments
like
Ordinals
have
transformed
the
blockchain
network,
shifting
its
ecosystem
from
a
simple
transactional
currency
to
a
platform
supporting
diverse
digital
assets.
Mentioned
in
this
article
Go to Source
Author: Oluwapelumi Adejumo
