Crypto

Bitlayer closes $9m extended series A round led by Polychain Capital

Bitlayer, a Layer 2 platform on Bitcoin, has raised $9 million in its prolonged Sequence A funding spherical, bringing the whole raised in the course of the funding spherical to $25 million.

The Bitcoin (BTC) L2 community announced that enterprise capital agency Polychain Capital led the prolonged spherical, with asset supervisor Franklin Templeton, which co-led the primary section, returning to co-lead.

Bitlayer Labs highlighted the funding spherical as a key step forward of the anticipated launch of Bitlayer V2. This model introduces a Bitcoin-native rollup leveraging OpVM, defending state transitions by way of validity proofs and fraud proofs.

Commenting on the know-how, co-founder Kevin He mentioned:

“It empowers Bitcoin to seamlessly combine into any programmable blockchain atmosphere in a trustless method, which can catalyze fast improvement and widespread adoption of a decentralized software ecosystem primarily based on Bitcoin’s substantial liquidity.”

Advancing Bitcoin’s L2 ecosystem

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

Progress metrics for Bitlayer embody the deployment of greater than 280 decentralized purposes throughout infrastructure, developer instruments, decentralized finance, wallets, non-fungible tokens, and gaming. Actual-world property and the metaverse are additionally seeing notable exercise on the community.

Key partnerships have emerged with platforms like Ankr, Polyhedra, Particle Community, and Babylon. Bitlayer Labs has additionally teamed up with blockchain safety auditor Hacken and cloud computing supplier AWS Cloud.

SCB Restricted, Selini Capital, and G-20 Group had been among the many backers within the prolonged spherical. The July fundraising obtained funding from Framework Ventures, Franklin Templeton, ABCDE, and OKX Ventures, amongst others.

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