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.
Website: https://bitlayer.org/
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
Website: https://polychain.capital/
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