Bitlayer closes $9m extended series A round led by Polychain Capital

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As a seasoned analyst with over two decades of experience in the tech and finance industries, I find the recent developments surrounding Bitlayer quite intriguing. Having witnessed the evolution of Bitcoin from its early days to becoming a global phenomenon, it’s fascinating to see how Layer 2 solutions like Bitlayer are pushing the boundaries of what’s possible on the Bitcoin network.

Through an extension of its Series A funding round, the Layer 2 platform, Bitlayer on Bitcoin, successfully collected $9 million, pushing the overall funds amassed during this round to a total of $25 million.

In simpler terms, the Layer 2 network for Bitcoin (BTC) revealed that Polychain Capital took the lead in a funding extension round. Notably, asset manager Franklin Templeton, who led the initial phase, came back to share the leadership role with them again.

Bitlayer Labs emphasized the recent funding round as an essential milestone before the expected debut of Bitlayer V2. This new iteration offers a rollup system built on Bitcoin that utilizes OpVM, ensuring secure state transitions via validity proofs and fraud proofs.

Commenting on the technology, co-founder Kevin He said:

This capability enables Bitcoin to smoothly fit into any blockchain that can be programmed, doing so without the need for trust. This facilitates swift development and broad acceptance of a wide range of applications built upon Bitcoin’s significant market liquidity.

Advancing Bitcoin’s L2 ecosystem

The recent investment comes after Bitlayer’s $5 million seed round in March 2024 and $11 million Series A round in July. Since launching its mainnet V1 on April 15, Bitlayer has been gathering momentum, and this latest funding underscores the faith investors have in the platform.

On Bitlayer’s platform, we’re witnessing a significant expansion as over 280 decentralized applications are implemented across various sectors such as infrastructure, developer tools, finance (DeFi), digital wallets, non-fungible tokens, and gaming. Additionally, real-world assets and the metaverse are experiencing substantial activity on our network.

Notable collaborations have been formed with entities such as Ankr, Polyhedra, Particle Network, and Babylon. Additionally, Bitlayer Labs has entered into alliances with blockchain security auditor Hacken and cloud service provider Amazon Web Services (AWS).

In addition to SCB Limited, Selini Capital, and the G-20 Group, other investors participated in the recently extended funding round. This round, which took place in July, attracted investment from Framework Ventures, Franklin Templeton, ABCDE, OKX Ventures, and several others.

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2024-10-08 21:54