Bitlayer, a Singapore-based Bitcoin Layer 2 based on Bitcoin finality, raised $9M in extended Series A funding.
The round was led by Polychain Capital and Franklin Templeton, with participation from SCB Limited, Selini Capital, G-20 Group and other investors, bringing the total funding raised to $25M.
The company intends to use the funds to accelerate the development and deployment of Bitlayer, enhancing its scalability, efficiency, and user accessibility.
Led by Kevin He, and Charlie Hu, Bitlayer provides developers and users with a native Bitcoin Layer 2 environment through its innovative technologies including OpVM, Finality Bridge, and RtEVM. This platform ensures Bitcoin-equivalent security, a trustless cross-chain bridge, and a real-time EVM programming environment.
Bitlayer has proposed and implemented OpVM, a future-proof Bitcoin Layer 1 verification solution that combines fraud proofs (BitVM) and validity proofs (based on OP_CAT). This solution enhances the security level of various protocols within the Bitcoin ecosystem, enabling the BitcoinLayer 1 to verify arbitrary computations.
After launching Mainnet-V1 on April 15th, over 280 Dapps have deployed on the network, covering infrastructure and developer tools, wallets, DeFi, NFTs, gaming, metaverse, RWAs, and more. Moreover, the company has established itself as a core ecosystem partner for over 30 Web3 platforms, fostering collaboration and shared growth. These partnerships include notable players such as Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, and Meson.
FinSMEs
08/10/2024