Bitlayer, a top Bitcoin Layer 2 platform, has raised $25 million in funding, including an extra $9 million in a Series A growth round. The most recent round was led by Polychain Capital and Franklin Templeton. SCB Limited, Selini Capital, and G-20 Group also took part.
The company will use this new money to help build Bitlayer v2, which is built on its unique OpVM technology. OpVM uses two kinds of proofs—fraud proofs (using BitVM) and validity proofs (using OP_CAT)—to make the base layer verification process better. This approach makes things safer and lets Bitcoin-based systems do more complex calculations.
Bitlayer has come a long way since the start of its mainnet in April 2024. In September, it earned nearly $900 million in fees and had a total locked value (TVL) of over $380 million. The longer funding round will speed up the release of Bitlayer v2, an update that many people are looking forward to because it will make the Bitcoin environment more scalable, efficient, and accessible.
A number of well-known venture capital companies, such as Framework Ventures, StarkWare, and OKX Ventures, have backed Bitlayer. Early this year, the startup raised $5 million in seed funding. In July, it raised an additional $11 million in a Series A round, which it has now extended with this extra $9 million.
Charles Hu, one of the founders of Bitlayer, has said that Franklin Templeton, one of the company’s main backers, is looking into ways to get its clients more returns from digital assets, especially by using Bitcoin. The financial manager is just starting to look into the possibility of working with Bitlayer to improve Bitcoin staking and the growth of the community.
With Bitlayer v2 coming soon, the company will continue its work to improve Bitcoin’s features and make it a more stable and flexible platform. The company stays at the top of the Bitcoin Layer 2 space by getting more relationships and investments. It is driving innovation in the crypto business.
