Bitlayer raises $11 Million Series A Funding Round led by Franklin Templeton and ABCDE

Bitcoin Layer 2 Project Bitlayer announced that it has raised a $11 million Series A funding round, which brings the company total investment to $16 million.

According to a post by Bitlayer, the round is led by Franklin Templeton and ABCDE, contributing significant financial and strategic resources that will enable Bitlayer's growth. Lead investors in Bitlayer's seed round were ABCDE and Framework Ventures. In Bitlayer’s Series A Round, the firms maintain their support, the post added.

1/ Bitlayer has successfully raised $11M in our Series A funding round, led by Franklin Templeton [@FTI_DA] and ABCDE [@ABCDELabs]. This brings our total investment to $16M.

Franklin Templeton's participation marks a notable milestone as Bitlayer becomes the first Bitcoin Layer… pic.twitter.com/4PoF3ft4Zj

— Bitlayer (@BitlayerLabs) July 23, 2024

Several well-known investors, such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan, and numerous other value-adding investors, also participated in the fundraising round. The inventor of BRC20, DOMO, Brian Kang, co-founder of FactBlock KBW, and numerous other noteworthy angel investors are included in the round.

Charlie Hu, co-founder of Bitlayer Labs, said this Series A funding from some of the most reputable organizations in the blockchain space confirms our goal of driving innovations within the Bitcoin ecosystem. Creating a native Layer 2 with security equivalent to Bitcoin, attaining Bitcoin world finality, and making history within the area are among our objectives.

Charlie Hu, co-founder of Bitlayer Labs, said making history in the Bitcoin world as well as attaining Bitcoin finality and establishing a native Layer 2 Bitcoin security equivalent are among our objectives.

The funds raised from this round will be used to support the company's strategy for expanding internationally, draw in more developers, increase the number of protocols that are deployed on Bitlayer, and develop the Bitlayer protocol.

An important turning point was reached with Franklin Templeton's investment in Bitlayer. An institution licensed to manage exchange funds is making a strategic investment in the first Bitcoin Layer 2 infrastructure project. This collaboration demonstrates the increasing interest in and momentum for Bitlayer's innovative solutions for technical problems within the Bitcoin ecosystem, pointing to a wider pattern of institutional acceptance and support for blockchain technologies.

Kevin Farrelly, Franklin Templeton Digital Assets' managing principal, said, "This investment demonstrates our dedication to fostering innovation in the field of digital assets.”

BMAN, ABCDE Capital's managing partner, said, “We are excited to be co-leading Bitlayer in this Series A round, having led the last one. With more than $500 million TVL and 300 ecological projects under its belt, Bitlayer is unique among Bitcoin Layer 2s and has built the strongest Layer 2 ecosystem to date. Bitlayer will become the first native Bitcoin Layer 2 when it achieves native verification on Bitcoin, marking a turning point in the cryptocurrency's history.”

The purpose of Bitlayer's Series A funding is to support the growth of its ecosystem, which includes increasing the number of native Web3 protocols that are integrated into it.

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