Bitlayer secures $11M Series A to enhance Bitcoin scalability and functionality with native Web3 protocols and Mainnet-V2 launch.
Bitlayer is an L2 solution designed to improve the Bitcoin ecosystem by addressing scalability issues and expanding its functionality. The technology enhances functionality without affecting Bitcoin’s primary network, based on the BitVM paradigm.
The funds that have been raised will be allocated to the expansion of Bitlayer’s ecosystem, with a particular emphasis on the development of native Web3 protocols and the introduction of Mainnet-V2.
This phase will introduce a Bitcoin-native rollup that incorporates a proof system that combines zero-knowledge and fraud proofs, thereby improving the scalability and security of Bitcoin.
Stake Capital Group, WAGMI Ventures, GSR Ventures, and Flow Traders are significant investors in this round. Franklin Templeton’s involvement is a substantial institutional endorsement of Bitlayer’s methodology for addressing technical challenges within the Bitcoin ecosystem.
The investment, according to co-founder Charlie Hu, is a testament to Bitlayer’s commitment to developing a secure and scalable Bitcoin L2 infrastructure. “We are committed to making history in the Bitcoin world, establishing a bitcoin security-equivalent native Layer 2, and achieving Bitcoin finality,” Hu stated in a release that was shared with Bitcoin.com News.
