Bitcoin Layer 2 Project Bitlayer Completes $11 Million Series A Funding

Recently, the Bitcoin layer two project Bitlayer, based on BitVM technology, announced the completion of a $11 million Series A funding round. This round of financing was led by a well-known investment institution and ABCDE Capital, with continued participation from Framework Ventures, which was involved in the seed round.

In addition to the lead investor, this round of financing also includes multiple investment institutions such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, as well as angel investors like BRC20 founder DOMO and Brian Kang, co-founder of a well-known blockchain company.

Bitlayer is a Bitcoin Layer 2 project strategically invested in by a well-known asset management company. The collaboration between the two parties marks an important milestone, reflecting Bitlayer's leading position in technological innovation within the Bitcoin ecosystem, and indicating that traditional financial institutions are enhancing their recognition and support for blockchain technology.

Charlie Hu, co-founder of Bitlayer Labs, stated: "It is exciting to collaborate with these top funds that are driving the development of the Bitlayer ecosystem. The participation of leading industry institutions in the Series A financing proves our leading position in the Bitcoin ecosystem. Our goal is to establish a secure equivalent native Layer 2 on top of Bitcoin finality, opening a new chapter for the Bitcoin ecosystem."

ABCDE Capital Managing Partner BMAN commented: "We are pleased to continue leading the A round for Bitlayer after the last financing. Bitlayer has stood out in the Bitcoin Layer 2 space, accumulating over $500 million in TVL and 300 ecological projects, building the most prosperous Bitcoin Layer 2 ecosystem. With the implementation of native verification, Bitlayer will become the first native Bitcoin Layer 2, marking a groundbreaking moment in the history of Bitcoin development."

Kevin Farrelly, a partner at a certain asset management company, stated: "We believe that Bitlayer's uniqueness and technology have the potential to open up new application scenarios and opportunities for Bitcoin. We look forward to exploring collaboration opportunities with the Bitlayer team and other projects focused on Bitcoin finance. This investment demonstrates our commitment to supporting innovation in the digital asset space."

Since its establishment, Bitlayer has been committed to developer deployment, ecosystem construction, and user acquisition. Multiple milestones have been achieved, including the release of the technical white paper, the launch of the developer incentive airdrop program, the launch of Mainnet-V1, the introduction of the Dapp leaderboard competition, and a series of mining festivals, all of which have yielded significant results.

According to statistics from a certain data platform, the total locked asset value on the current Bitcoin Layer 2 chains is approximately 1.2 billion USD, with a TVL of (. Among them, Bitlayer ranks first in this category with a share of 32.78%, followed by Merlin, Rootstock, and CORE at 18.27%, 14.75%, and 13.61%, respectively.

In addition, Bitlayer is building the largest ecosystem map for Bitcoin Layer 2, with hundreds of projects currently being developed on its network, covering various fields such as infrastructure and developer tools, wallets, DeFi, NFTs, gaming, the metaverse, and RWA, demonstrating a thriving development momentum.

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Future Outlook of Bitlayer

For a long time, the Bitcoin community has been striving to achieve scalability while maintaining core security and decentralization principles, but many existing solutions often struggle to balance these. There is a huge market demand for solutions that can address all three issues simultaneously.

The funds raised in this round of financing will be used to strengthen Bitlayer's global expansion and support more teams in building native protocols on Bitlayer. By providing a faster and more cost-effective trading experience, Bitlayer will accelerate the application of Bitcoin in the DeFi space, paving the way for its widespread adoption.

On the technical side, since the launch of Mainnet-V1 on April 15 of this year, the Bitlayer development team has been focused on researching Mainnet-V2. This is a Bitcoin-native rollup, and its Layer 2 state transitions will be supported by a Bitcoin-friendly proof system that combines ZK and fraud proofs.

In the future, with the full support of strategic investors and ecosystem partners, Bitlayer will continue to promote the growth and adoption of Bitcoin, striving to become a leading Bitcoin Layer 2 infrastructure.

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