Bitlayer Raises $9 Million in Extended Series A Funding Round

Bitlayer, a prominent Layer 2 platform on the Bitcoin network, has successfully raised $9 million in its extended Series A funding round, bringing the total raised to $25 million.

The Bitcoin L2 network announced that venture capital firm Polychain Capital led the extended round. Asset manager Franklin Templeton, which co-led the first phase, also returned to co-lead this round.

Bitlayer V2: A Significant Technological Advancement

Bitlayer Labs emphasized this funding round as a crucial step towards the launch of Bitlayer V2. This new version introduces a Bitcoin-native rollup utilizing OpVM, ensuring the protection of state transitions through validity proofs and fraud proofs.

“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,” said co-founder Kevin He.

Previous Funding and Growth Metrics

The recent investment follows Bitlayer’s $5 million seed round closed in March 2024 and the $11 million Series A round in July. Since launching its mainnet V1 on April 15, Bitlayer has gained substantial traction, reinforcing investor confidence in the platform.

Deployment and Ecosystem Expansion

Bitlayer has seen the deployment of over 280 decentralized applications across various sectors, including infrastructure, developer tools, decentralized finance, wallets, non-fungible tokens, and gaming. Additionally, real-world assets and the metaverse are experiencing significant activity on the network.

Strategic Partnerships

Key partnerships have emerged with platforms like Ankr, Polyhedra, Particle Network, and Babylon. Bitlayer Labs has also collaborated with blockchain security auditor Hacken and cloud computing provider AWS Cloud.

SCB Limited, Selini Capital, and G-20 Group were among the backers in the extended round. The July fundraising saw investments from Framework Ventures, Franklin Templeton, ABCDE, and OKX Ventures, among others.

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