July 23, 2024
Bitlayer Labs, a company based in Singapore that operates a Bitcoin Layer 2 solution utilizing the BitVM paradigm, has successfully secured $11M in a Series A financing round. It's anticipated that these funds will be allocated to improve the platform's features, broaden its user community, and cultivate collaborations within the blockchain and DeFi landscapes.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Bitlayer Labs | $11M | July 23, 2024 | Series A | $16M | ABCDE, Franklin Templeton | Bitcoin |
This funding round increased the total capital raised to $16M and was spearheaded by Franklin Templeton and ABCDE. Other contributors included a variety of investors such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, and Caladan. Notable angel investors included DOMO, the originator of BRC20, Brian Kang, among others.
About Bitlayer Labs
Bitlayer is a pioneering Layer 2 solution for Bitcoin. It offers security equivalent to Bitcoin’s own and Turing completeness. Bitlayer is also the first Bitcoin Layer 2 solution based on the BitVM paradigm. It aims to enhance the Bitcoin ecosystem by providing secure scalability, promoting diversity of assets, and encouraging innovation.
Bitlayer acts as a Layer 2 solution for Bitcoin, boasting 100% EVM and Ethereum toolchain compatibility, with BTC as the native token (gas token). Users can engage with it using wallets such as Metamask, imToken, or other Ethereum-compatible wallets. Developers can easily migrate smart contracts written in Solidity, Vyper, or any other language that compiles to EVM bytecode directly to Bitlayer, using the toolchain they are familiar with: Ethereum JSON-RPC, Hardhat, etc.
Website: https://www.bitlayer.org/
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About Investor
This round was led by Franklin Templeton and ABCDE. Additional participants included investors such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan and angels included DOMO, the creator of BRC20, Brian Kang, and others.
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