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Bitlayer Labs, the developer of Bitcoin Layer 2 network, has raised $9M in a Series A extension funding round led by Polychain Capital


the developer of a Bitcoin Layer 2 network

October 08, 2024


Bitlayer Labs, the creator of a Bitcoin Layer 2 network, has secured an additional $9 million in a Series A extension funding round, three months after raising $11 million in its initial Series A. This new funding round was led by Polychain Capital and co-led by Franklin Templeton, with further support from SCB Limited, Selini Capital, G-20.Group, and other investors.

Project

Latest Raise

Latest Raise Date

Stage

Total Raise

Lead Investor

Category

Bitlayer Labs

$9M

October 08, 2024

Series A Extension Round

$25M

Polychain Capital

Bitcoin, Layer 2

The extension round was structured as a simple agreement for future equity (SAFE) with token warrants, maintaining the same $300 million valuation, which includes both equity and fully diluted token valuation. This latest funding brings Bitlayer’s total to $25 million, following the $11 million Series A in July and a $5 million seed round in March. The new funds will help Bitlayer launch V2 of its Bitcoin scaling network.


About Bitlayer Labs

Bitlayer is a platform designed to enhance the Bitcoin network by providing a Layer 2 solution. This solution aims to improve scalability and transaction efficiency while maintaining the security and decentralization of Bitcoin. Bitlayer leverages advanced cryptographic protocols and virtual machine technology to support a diverse range of assets and smart contracts. By integrating Bitcoin’s security with Ethereum compatibility, Bitlayer offers a faster, safer, and more flexible experience for users and developers alike.


 

About Investor

Investor: Polychain Capital

Polychain Capital is an American investment firm based in San Francisco, California. Founded in 2016 by Olaf Carlson-Wee, the company focuses on investments related to cryptocurrency and blockchain technology. Polychain manages actively managed portfolios of blockchain-based digital assets, leveraging software to create, issue, and transmit these assets.


Location: San Francisco

 

 

 

A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.

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