TLDR:
- Bitlayer Labs, a Bitcoin Layer 2 company based in Singapore, raised $11M in Series A funding.
- The funding round was led by Franklin Templeton and ABCDE, with participation from several other investors.
Bitlayer Labs, a Singapore-based Bitcoin Layer 2 company, recently announced that it has raised $11M in Series A funding. The total funding for the company now stands at $16M. The funding round was led by Franklin Templeton and ABCDE, with additional participation from investors such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan, and several angels including the creator of BRC20, Brian Kang, and others.
The company’s core objective is to address the trade-off between security and Turing completeness in BTC Layer 2 through cryptographic innovations and blockchain protocol engineering. Bitlayer Labs aims to become the computation layer for Bitcoin, introducing ultra-scalability while maintaining security and providing users with a high-throughput, low-cost transaction experience.
Bitlayer Labs had previously received seed round funding led by ABCDE and Framework Ventures. The latest Series A funding will be used to support the company’s growth and development efforts as it continues to expand its Bitcoin Layer 2 solution based on the BitVM paradigm.
