Singapore, Singapore, April 3rd, 2024, Chainwire
Bitlayer Labs, the primary Bitcoin Layer 2 solution relying on BitVM, recently disclosed a seed round of $5M with Framework Ventures and ABCDE Capital leading the fundraising. Other contributors include StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital, and various others. This announcement coincides with Bitlayer initiating the 'Ready Player One' program, encouraging developers globally to enhance, augment, and construct on the protocol.
Bitlayer Labs, which has developed the Bitlayer Bitcoin Layer 2 protocol, has successfully concluded a seed funding round worth $5 million at an $80 million valuation. This funding will facilitate Bitlayer's ambition to serve as the computation layer for Bitcoin.
Investors and Partnerships
Prominent venture capitalists such as Framework Ventures and ABCDE Capital spearheaded the funding round, with StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital, Kenetic Capital, Kestrel, Global Coin Research, Pivot Global, and Web3Port also participating. Additionally, notable angel investors like Ryan Selkis from Messari, Dan McArdle from Messari, Dan Held from Asymmetric Capital, Dyma from Hacken, Trung and Andy from Sky Mavis, and Loi Luu from Kyber Network joined the round.
Bitlayer's seed round received substantial support from ecosystem partners like Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal, among others.
The Bitlayer Network
Bitlayer stands as the primary Bitcoin Layer 2 network grounded in BitVM technology, ensuring security comparable to Bitcoin and Turing completeness. The protocol aims to create a more scalable and interconnected Bitcoin ecosystem.
By securing additional funding, Bitlayer further cements its position as a leader in enabling various Bitcoin Layer 2 applications, positioning Bitcoin favorably against other blockchains in terms of size, scalability, and security. The capital infusion will facilitate team expansion through recruitment in business development and engineering domains to support global growth initiatives.
Investor Insights
Roy Learner, a partner at Framework Ventures, emphasized the appeal of BitVM-based Bitlayer, recognizing its innovative approach to enhancing Bitcoin's scalability and functionality while maintaining security. This strategic move is crucial in maximizing the utility of over $1 trillion in global Bitcoin wealth, opening the gateway for novel DeFi applications and use cases.
Qiao Wang, the co-founder of Alliance DAO, highlighted the significance of L2 solutions like Bitlayer in revolutionizing Bitcoin's potential in accommodating productive utilization of the wealth stored on the network. The scalability and expressiveness introduced by Bitlayer align with the growing demand for enhancing Bitcoin's utility beyond just a store of value.
In his remarks, Charlie Hu, co-founder of Bitlayer, underlined the importance of investor trust in supporting the protocol's growth and the broader implications for Bitcoin's future landscape.
In conclusion, as Bitlayer secures fresh capital, it anticipates a surge in development activities and investor participation as it propels the Bitcoin Layer 2 ecosystem forward.
With the Bitcoin halving event on the horizon, a robust Bitcoin ecosystem assumes greater importance. Bitlayer's meticulous planning and rigorous security assessments in preparation for the public mainnet launch set the stage for a thriving builder community. The mainnet is set to launch on April 5th, with further project milestones in the development pipeline.
Ready Player One– Ecosystem Incentive Program
To expedite ecosystem expansion and incentivize projects to deploy on the Bitlayer mainnet, Bitlayer will inaugurate a series of ecosystem incentive programs, beginning with the 'Ready Player One' initiative. This program offers token rewards exceeding $50M to protocols and teams deploying on Bitlayer's mainnet and showcasing exceptional performance. Bitlayer's growth trajectory signals opportunities for top-notch projects to join the ecosystem and catalyze exponential protocol growth.
Bitlayer is committed to extending comprehensive support to all projects within its ecosystem, providing potential investment from foundations and institutions, initial liquidity assistance, product development resources, mentorship from leading incubators, collaboration within the Bitcoin community, as well as ecosystem co-creation opportunities.
About Bitlayer
Bitlayer is the pioneering Bitcoin Layer 2 network rooted in BitVM technology, ensuring Bitcoin-equivalent security and full Turing completeness. Functioning as the computation layer for Bitcoin, Bitlayer introduces unparalleled scalability while inheriting Bitcoin's foundational security, offering users streamlined high throughput and cost-effective transaction experiences.
For additional information on Bitlayer, please visit their website.
Contact
Digital Marketing Manager
Sky Harris
Bitlayer
skyler@bitlayer.org
The original article can be accessed on Crypto News Land.
