Bitlayer Labs Secures $5 Million to Supercharge Bitcoin Layer 2 Innovation

Bitlayer Labs, the developer behind the first Bitcoin Layer 2 solution powered by BitVM, has raised $5 million in seed funding. Led by Framework Ventures and ABCDE Capital, the round attracted participation from renowned firms and angel investors, including StarkWare, OKX Ventures, Ryan Selkis, and Dan Held. The funding will drive Bitlayer's mission to establish a scalable and interconnected Bitcoin ecosystem through its Bitlayer protocol, paving the way for innovative DeFi use cases and applications.

Bitlayer Labs Raises $5 Million in Seed Funding to Fuel the Future of Bitcoin Layer 2

Singapore, Singapore, April 3rd, 2024 - Bitlayer Labs, the groundbreaking Bitcoin Layer 2 solution company powered by BitVM technology, has announced a successful seed funding round totaling $5 million. This strategic investment, led by renowned venture capital firms Framework Ventures and ABCDE Capital, marks a significant milestone in Bitlayer's mission to transform the Bitcoin ecosystem.

Investment Leadership and Support

The seed round was met with overwhelming support from leading investors in the blockchain industry, including StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital, Kenetic Capital, Kestrel, Global Coin Research, Pivot Global, and Web3Port. Prominent angel investors, such as Messari CEO Ryan Selkis, Messari co-founder Dan McArdle, Asymmetric Capital founder Dan Held, Hacken CEO Dyma, Sky Mavis CEO Trung and CTO Andy, and Kyber Network founder Loi Luu, also participated in the round.

Ecosystem partners, including Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal, and more, provided invaluable support to the seed round, contributing to the development of a robust ecosystem around Bitlayer's protocol.

Securing the Future of Bitcoin

Bitlayer, the first Bitcoin Layer 2 network built on BitVM, offers unparalleled security and computational capabilities on par with Bitcoin itself. The protocol's overarching goal is to enhance the scalability and interoperability of the Bitcoin ecosystem, paving the way for a new era of innovation and growth.

This strategic investment will fuel Bitlayer's ambitious plans to accelerate the development of Bitcoin Layer 2 use cases, cementing Bitcoin's dominance in size, scalability, and security over competing blockchains. The funds will also empower Bitlayer to expand its team, bolstering its business development and engineering capabilities to support its global expansion efforts.

Industry Endorsement and Optimism

The overwhelming support from investment firms is a testament to the growing confidence in the Bitcoin ecosystem, with Bitlayer emerging as a key player capturing industry attention.

Roy Learner, partner at Framework Ventures, lauded Bitlayer's groundbreaking approach: "Bitlayer's introduction of the first Bitcoin Layer 2 network using BitVM is a game-changer. BitVM offers the optimal balance of scalability and expressive power without compromising Bitcoin's renowned security. With over $1 trillion in global wealth seeking productive uses for BTC, Bitlayer opens up vast possibilities for novel DeFi applications. Backed by a team of seasoned industry veterans, we are eager to partner with Bitlayer as they unlock Bitcoin's full potential as a productive asset."

Qiao Wang, co-founder of Alliance DAO, emphasized the transformative impact of Bitlayer on the future of Bitcoin: "Despite my deep involvement in the Ethereum ecosystem, I have always held a strong affinity for Bitcoin. The prospect of enhancing Bitcoin's expressiveness and scalability through L2 solutions like Bitlayer is a landmark moment in Bitcoin's history. The $1 trillion-plus in wealth stored on Bitcoin demands a productive outlet, and Bitlayer's expanded capabilities make this possible. The Bitlayer team possesses the experience, passion, and technical expertise to revolutionize Bitcoin."

Charlie Hu, co-founder of Bitlayer, expressed his gratitude for the industry's support: "This resounding endorsement from investors and builders reflects their unwavering faith in Bitlayer and our team. It represents a strong vote of confidence in the Bitcoin ecosystem and the immense potential of Bitcoin DeFi."

Accelerating Ecosystem Growth

With the influx of new capital, Bitlayer is poised to ignite a surge of development activity and investor interest in the Bitcoin Layer 2 space.

Kevin He, co-founder of Bitlayer, outlined the company's vision for the future: "Bitlayer is committed to ushering in an era of unparalleled scalability for the Bitcoin ecosystem, unlocking a potential market of hundreds of millions of users. Our mission is to create the most user-friendly and powerful scalability solution, providing users with lightning-fast transactions at minimal costs, all while leveraging the robust security foundation of Bitcoin."

Countdown to Mainnet Launch

As the highly anticipated Bitcoin halving event draws near, the need for a robust Bitcoin ecosystem becomes increasingly imperative. Bitlayer's meticulously designed and rigorously audited protocol, in preparation for its public mainnet launch, positions it as a prime catalyst for a thriving builder ecosystem. Mainnet launches on April 5th, with a series of milestones set to follow in the project's development pipeline.

Ready Player One: Ecosystem Incentive Program

To accelerate ecosystem development and incentivize projects to deploy on the Bitlayer mainnet, the company is launching a series of ecosystem incentive programs, with the first being "Ready Player One."

This initiative is an open incentive program designed to distribute token rewards valued at over $50 million to protocols and teams that demonstrate exceptional performance in deploying and contributing to the Bitlayer mainnet. Bitlayer's rapid growth and unwavering commitment to ecosystem support invite strong projects to join its network and contribute to its exponential expansion.

Bitlayer is dedicated to providing comprehensive ecosystem support for all projects, offering the following resources:

• Potential investment from the foundation and institutions
• Initial liquidity support
• Comprehensive product development resources
• Mentorship and pitch opportunities from top-tier incubators
• Support from the Bitcoin community and industry veterans
• Ecosystem collaboration and co-creation

For more in-depth information, please refer to the full article at this link.

About Bitlayer

Bitlayer is the first Bitcoin Layer 2 network built on BitVM, delivering Bitcoin-equivalent security and Turing completeness. Its mission is to become the computation layer for Bitcoin, introducing ultra-scalability while inheriting Bitcoin's L1 security, thus empowering users with a cost-effective and high-throughput transaction experience.

For more information, please visit:
Website | Twitter | Discord | Medium | Github

Contact

Digital Marketing Manager
Sky Harris
Bitlayer
skyler@bitlayer.org

This article includes a press release from an external source. The opinions and information presented may differ from those of DailyCoin. Readers are encouraged to independently verify the details and consult with experts before acting on any information provided. Please note that our Terms and Conditions, Privacy Policy, and Risk Warning have been recently updated.