Bitcoin Layer 2 Project Bitlayer Completes $11 Million Series A Financing

On July 23, the Bitcoin Layer 2 project Bitlayer, based on BitVM technology, announced the completion of a $11 million Series A financing round. This round was led by a well-known investment firm and ABCDE Capital, with Framework Ventures, which previously led Bitlayer's seed round, also continuing to participate.

In addition to the leading investment institutions, several investment firms such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, and some well-known angel investors also participated in this round of financing.

Bitlayer is a Bitcoin Layer 2 project that is strategically invested in by a certain Bitcoin spot ETF service provider. The cooperation between the two parties marks an important milestone, indicating Bitlayer's leading position in technological innovation within the entire Bitcoin ecosystem, as well as demonstrating that traditional financial institutions are increasing their recognition and support for blockchain technology.

Charlie Hu, co-founder of Bitlayer Labs, stated: "It is exciting to collaborate with these top funds that are promoting the development of the Bitlayer ecosystem. The participation of leading industry institutions in the Series A financing demonstrates our leading position in the Bitcoin ecosystem. Our goal is to build a secure equivalent native Layer 2 on top of Bitcoin finality and create Bitcoin history."

BMAN, the managing partner of ABCDE Capital, stated: "After the last round of financing, we are pleased to continue leading the Series A for Bitlayer. Bitlayer has stood out in the Bitcoin Layer 2 space, accumulating over $500 million in TVL and 300 ecosystem projects, building the most prosperous Bitcoin Layer 2 ecosystem. With its native verification on Bitcoin, Bitlayer will become the first native Bitcoin Layer 2, marking a groundbreaking moment in Bitcoin history."

The managing partner of an investment institution stated: "We believe that the uniqueness and technology of Bitlayer have the potential to unlock new use cases and opportunities for Bitcoin, and we look forward to exploring collaboration opportunities with the Bitlayer team and other products focused on Bitcoin finance. This investment emphasizes our commitment to supporting innovation in the digital asset space."

Since the establishment of the team, Bitlayer has been dedicated to developer deployment, ecosystem building, and user acquisition. Currently, Bitlayer has achieved several milestones, including the release of the technical white paper, the launch of the developer incentive airdrop program, the launch of Mainnet-V1, the introduction of the Dapp leaderboard competition, and a series of mining festivals, achieving many results.

According to data from a certain data platform, the total locked asset value on the current Bitcoin Layer 2 chain is approximately 1.2 billion USD with a TVL of (. Bitlayer ranks first in this sector with a 32.78% share, followed by several projects with shares of 18.27%, 14.75%, and 13.61%, ranking second to fourth.

In addition, Bitlayer is building the largest ecosystem map for Bitcoin Layer 2, with hundreds of projects currently being developed on its network, covering a wide range of sectors including infrastructure and developer tools, wallets, DeFi, NFTs, gaming and the metaverse, as well as RWA, demonstrating a vigorous development momentum.

![Bitlayer announces completion of $11 million Series A funding, building Bitcoin computation layer])https://img-cdn.gateio.im/webp-social/moments-3f7ab6475f6924acf951818d486b5416.webp(

The Future Development of Bitlayer

For a long time, the Bitcoin community has been committed to achieving scalability while maintaining core security and decentralization principles, but many of the existing solutions often fail to balance these aspects, and there is a huge demand in the market for solutions that can address the trilemma.

The funds raised by Bitlayer in this round of financing will be used to strengthen global expansion and support more teams in building native protocols on its platform. By providing a faster and more cost-effective trading experience, Bitlayer will accelerate the application of Bitcoin in the DeFi space and pave the way for its widespread adoption.

Technically, since the launch of Mainnet-V1 on April 15th of this year, the Bitlayer development team has been focused on researching Mainnet-V2, which is a Bitcoin-native rollup, with its Layer 2 state transitions supported by a Bitcoin-friendly proof system that combines ZK and fraud proofs.

In the future, with the full support of strategic investors and ecosystem partners, Bitlayer will continue to drive the massive growth and adoption of Bitcoin, and is expected to become a leading Bitcoin Layer 2 infrastructure.