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. 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.
The company intends to use the funds to expand its growth and development efforts.
Bitlayer offers a Bitcoin Layer 2 solution based on the BitVM paradigm. Its core objective is to address the trade-off between security and Turing completeness in BTC Layer 2 through cryptographic innovations and blockchain protocol engineering.
The company is committed to becoming the computation layer for Bitcoin, aiming to introduce ultra-scalability to Bitcoin while inheriting its security, providing users with a high-throughput, low-cost transaction experience.
ABCDE, alongside Framework Ventures, led Bitlayer’s seed round funding.
FinSMEs
23/07/2024