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Home»ADOPTION NEWS»Bitcoin Layer 2 Bitlayer Raises $9M Series A Expansion at $300M Valuation
ADOPTION NEWS

Bitcoin Layer 2 Bitlayer Raises $9M Series A Expansion at $300M Valuation

By Crypto FlexsOctober 8, 20244 Mins Read
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Bitcoin Layer 2 Bitlayer Raises M Series A Expansion at 0M Valuation
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Bitlayer Lab, developer no way Bitcoin BTC

-2.16%
Layer 2 Network has raised $9 million in its Series A expansion funding round, just three months after its $11 million Series A.

that The new round was led by Polychain Capital and co-led by Franklin Templeton, with additional support from SCB Limited, Selini Capital and G-2.0.Ggroup and other investors, Bitlayer Labs said Tuesday.. The round opened in early August and closed last week, Bitlayer co-founder Charlie Hu told The Block.

Like the previous Series A round, Bitlayer’s expansion round was structured “We value the SAFE (simple contract for future shares) and token warrants at the same $300 million valuation, which accounts for both the equity value and the fully diluted token value,” Hu said.

The latest round brings Bitlayer’s total funding to $25 million. $11 million Series A A seed round of $5 million was raised in July and another $5 million in March. The new capital comes as Bitlayer prepares to launch V2 of its Bitcoin scaling network.

What is Bitlayer?

Bitlayer claims to be the first Bitcoin Layer 2 It refers to transactions or data processed on Bitlayer, a network based on Bitcoin finality. settle down On the Bitcoin blockchain.

“Bitlayer has innovatively proposed and implemented OpVM, a future-proof Bitcoin Layer 1 verification solution that combines proof of fraud (BitVM) and proof of validity (based on OP_CAT),” the project said. “This solution significantly improves the security level of various protocols within the Bitcoin ecosystem, allowing Bitcoin Layer 1 to verify arbitrary computations.”

Bitlayer launched its V1 mainnet in April and has had nearly 300 projects live since then. was built In a layer 2 networksaid after. Macaron and Avalon Finance remain the top decentralized exchanges on Bitlayer, Desyn is the top yield-generating DeFi protocol, and Jasper Vault offers options trading with up to 200x leverage.Hu added it.

“We continue to bring powerful new projects that we deploy to Bitlayer every day,” Hu said. “Look for infrastructure/tools such as staking/re-staking, RWA, revenue opportunities, data availability, and bridging, all of which support Bitcoin. “It’s coming,” Hu said.

Bitlayer is ranked as the best Bitcoin scaling project, currently exceeding $500 million in terms of total value locked.According to DeFiLlama data:.

Bitlayer V2 mainnet launch

Bitlayer is currently preparing to launch its V2 mainnet utilizing OpVM technology, a verifier that combines both proof of validity and proof of fraud.

“As we were building the first major implementation of BitVM, we realized that a hybrid model was needed to achieve our goal of verifying the state of Bitcoin L1,” Hu said. “So we are building OpVM to include OP_CAT, proof of validity, and proof of fraud, as well as BitVM, to make Bitlayer even more future-proof.”

Bitlayer plans to launch mainnet V2 in the fourth quarter.said after. When asked if Bitlayer’s BTR token would also launch along with the mainnet, Hu said, “I’m not sure, but stay tuned.”

there is About 70 people Works at BitlayerHu plans to hire several more people to lead the network’s institutional adoption efforts.especially We work with Bitcoin exchange-traded fund issuers such as Franklin Templeton and Fidelity.


Funding Newsletter: Stay up to date on the latest cryptocurrency funding news and trends with The Funding, our bimonthly newsletter. It’s free. accession here!


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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