The extended Series A investment round for Bitlayer, a Layer 2 platform running on Bitcoin, has brought the total amount collected to $25 million.
The extended round was led by venture capital firm Polychain Capital, according to the Bitcoin L2 network. Franklin Templeton, an asset manager who co-led the initial round, returned to co-lead.
Before Bitlayer V2 is expected to launch, Bitlayer Labs emphasized the funding round as a crucial step. With the help of OpVM, this release provides a Bitcoin-native rollup that protects state transitions via fraud and validity checks. Co-founder Kevin He offered the following insight on the technology:
It empowers Bitcoin to seamlessly integrate into any programmable blockchain environment in a trustless manner, which will catalyze rapid development and widespread adoption of a decentralized application ecosystem based on Bitcoin’s substantial liquidity.”
Advancing Bitcoin’s L2 ecosystem
The most recent investment comes after Bitlayer’s $11 million Series A round in July and its $5 million seed round, which was concluded in March 2024.
Bitlayer has gained traction since releasing its mainnet V1 on April 15, and the most recent fundraising confirms investor faith in the platform.
More than 280 decentralized applications in gaming, non-fungible tokens, wallets, decentralized finance, and infrastructure have been deployed, according to Bitlayer’s growth metrics.
The network also observes notable activity about real-world assets and the metaverse. Important alliances have formed with platforms such as Babylon, Polyhedra, Ankr, and Particle Network.
Additionally, Bitlayer Labs has partnered with cloud computing provider AWS Cloud and blockchain security auditor Hacken.
The extended round’s supporters included G-20 Group, Selini Capital, and SCB Limited. Among the investors in the July fundraise were Framework Ventures, Franklin Templeton, ABCDE, and OKX Ventures.
