Bitlayer Labs Raises $5 Million in Seed Funding for Bitcoin Layer 2 Solution

Bitlayer Labs, the pioneer of Bitcoin Layer 2 solutions through BitVM, has garnered $5M in seed funding led by Framework Ventures and ABCDE Capital. Investors such as StarkWare, OKX Ventures, UTXO Management, and prominent angel investors have also participated. This funding will fuel Bitlayer's mission to establish Bitcoin as the computation layer and expand its team globally. The company is preparing to launch Ready Player One, an incentive program offering over $50M in rewards to protocols and teams contributing to the Bitlayer ecosystem.

Bitlayer Labs Secures $5 Million Seed Funding for Bitcoin Layer 2 Solution

Singapore, Singapore, April 3rd, 2024

Bitlayer Labs, the pioneer behind Bitlayer, the first Bitcoin Layer 2 solution based on BitVM, has successfully raised $5 million in a seed funding round led by renowned venture capital firms Framework Ventures and ABCDE Capital. The round also witnessed participation from industry stalwarts such as StarkWare, OKX Ventures, Alliance DAO, UTXO Management, and Asymmetric Capital. This strategic investment marks a significant milestone for Bitlayer Labs as it endeavors to establish itself as the computational foundation for Bitcoin.

Laying the Foundation for Scalable Bitcoin DeFi

Bitlayer's mission is to enhance the scalability and connectivity of the Bitcoin ecosystem. Leveraging BitVM, Bitlayer offers Bitcoin-equivalent security coupled with Turing completeness, enabling developers to build a plethora of innovative applications and DeFi protocols. The infusion of capital will fuel Bitlayer's aspirations to become the leading platform for Bitcoin Layer 2 solutions.

Ecosystem Embraces Bitlayer's Potential

The seed funding round underscores the growing recognition and enthusiasm within the blockchain community for Bitlayer's capabilities. Prominent angel investors, including Ryan Selkis (CEO of Messari), Dan McArdle (co-founder of Messari), Dan Held (founder of Asymmetric Capital), Dyma (CEO of Hacken), Trung and Andy (CEO and CTO of Sky Mavis), and Loi Luu (founder of Kyber Network), have expressed their confidence in Bitlayer's vision.

The ecosystem support for Bitlayer is further bolstered by collaborations with leading players such as Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal, and more.

Investment Signals Optimism for Bitcoin Ecosystem

The seed funding round reflects the growing optimism and confidence in the Bitcoin ecosystem. Bitlayer's pioneering approach has garnered widespread attention, positioning it as a key player in the race to establish Bitcoin as the dominant blockchain platform.

Investor Perspectives

Roy Learner, partner at Framework Ventures, highlighted the transformative potential of BitVM for Bitlayer: "Bitlayer's innovative use of BitVM sets the stage for a paradigm shift in the scalability and expressiveness of the BTC ecosystem. With the vast majority of global wealth seeking productive avenues, Bitlayer unlocks novel DeFi use cases and applications, empowering Bitcoin to fulfill its potential as a productive asset."

Qiao Wang, co-founder of Alliance DAO, emphasized the significance of Bitlayer for Bitcoin DeFi: "While my focus has largely been on Ethereum, I remain a staunch supporter of Bitcoin. The advent of layer-2 solutions like Bitlayer unlocks a new era of innovation for Bitcoin, enabling holders to harness the power of DeFi. Bitlayer's team is exceptional in their experience, technical prowess, and passion, making them ideally suited to drive this transformation."

Bitlayer Gears Up for Mainnet Launch

The influx of capital will enable Bitlayer to expand its team across business development and engineering, bolstering its global expansion efforts. As the Bitcoin halving event approaches, the need for a robust Bitcoin ecosystem becomes paramount, and Bitlayer's meticulous design and rigorous security audits position it as a cornerstone for this emerging ecosystem. The mainnet launch is scheduled for April 5th, with further milestones on the horizon as Bitlayer continues its development journey.

Ready Player One: Ecosystem Incentive Program

To accelerate ecosystem growth and attract projects to the Bitlayer mainnet, Bitlayer is rolling out a series of incentive programs, beginning with "Ready Player One." This open incentive program will distribute token rewards exceeding $50 million to protocols and teams that demonstrate exceptional contributions to the Bitlayer ecosystem.

Bitlayer is committed to providing comprehensive support for all projects, offering investment opportunities, liquidity support, product development resources, mentorship, and collaboration opportunities.

About Bitlayer

Bitlayer is the first Bitcoin Layer 2 network based on BitVM, offering Bitcoin-equivalent security and Turing completeness. Its mission is to establish itself as the computational layer for Bitcoin, delivering ultra-scalability while inheriting the security of Bitcoin's L1, providing users with high throughput and low transaction costs.

Contact

Sky Harris, Digital Marketing Manager

Bitlayer

skyler@bitlayer.org