Bitlayer Completes $9M Series A Round Led by Polychain Capital
Date: 2024-10-09 Author: Oliver Abernathy Categories: BUSINESS
Bitcoin-based L2 network announced that Polychain Capital has become the lead investor in the round, with Franklin Templeton, who participated in the first phase, rejoining as a co-lead.
Bitlayer Labs celebrated this funding round as an important step ahead of the launch of Bitlayer V2. The new version will feature a Bitcoin-based rollup using OpVM technology, allowing it to secure state transitions with proofs of validity and prevent fraud.
One of the project’s co-founders, Kevin He, commented:
“This solution allows Bitcoin to seamlessly integrate into any trustless, programmable blockchain environment, accelerating the development and widespread adoption of a decentralized application ecosystem built on Bitcoin’s massive liquidity.”
Advancing Bitcoin’s Layer 2 Ecosystem
The new funding follows $5 million in a seed round in March 2024 and $11 million in a Series A round in July. Bitlayer has gained traction since its V1 mainnet launch on April 15, and the latest funding boosts investor confidence in the platform.
Bitlayer’s growth metrics include the adoption of over 280 decentralized applications across a variety of verticals: infrastructure, developer tools, decentralized finance, wallets, non-fungible tokens, and gaming platforms. The network is also seeing rapid growth in the real-world asset and metaverse verticals.
Bitlayer’s key partnerships include collaborations with platforms such as Ankr, Polyhedra, Particle Network, and Babylon. Additionally, Bitlayer Labs has teamed up with blockchain security auditors Hacken and cloud computing provider AWS Cloud.
The extended round also included SCB Limited, Selini Capital, and G-20 Group. The July round also saw investments from Framework Ventures, Franklin Templeton, ABCDE, and OKX Ventures.
