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Bitlayer Labs, the First Bitcoin Layer 2 Developer, nets $5M in Funding


April 03, 2024


Bitlayer Labs, the developer of the first Bitcoin Layer 2 solution based on BitVM, has announced a $5 million seed funding round. The round was led by Framework Ventures and ABCDE Capital, with participation from StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital, and others. This funding round values Bitlayer Labs at $80 million.

Project

Latest Raise

Latest Raise

Stage

Total Raise

Category

Bitlayer

Apr 3 2024

$5M

Seed

$5M

Bitcoin

The new capital will support the launch of Bitlayer's open-incentive program, Ready Player One, designed to attract developers worldwide to build on the protocol. This program aims to distribute token rewards valued at over $50 million to projects and teams demonstrating exceptional Bitlayer mainnet performance.


The seed round saw contributions from prominent angel investors such as Ryan Selkis, Dan McArdle, Dan Held, Dyma Budorin, Trung Nguyen, and Loi Luu. Ecosystem partners like Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, and RunesTerminal also supported the round.


About Bitlayer:

Bitlayer is the first Bitcoin Layer 2 network based on BitVM, offering Bitcoin-equivalent security and Turing completeness. The protocol aims to become the computation layer of Bitcoin, providing ultra-scalability and inheriting Bitcoin’s Layer 1 security. Bitlayer focuses on high throughput and low-cost transactions, making it a robust solution for building scalable applications on Bitcoin.


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About Investor

Investor: Framework Ventures

Framework Ventures is a venture capital firm focused on investing in blockchain and cryptocurrency projects. The firm supports developing technologies to enhance the financial system's efficiency and security.


Location:  United States




A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.


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