Bitlayer Labs, the pioneering developer behind the Bitcoin Layer 2 solution Bitlayer, has announced a successful seed funding round totaling $5 million, with Framework Ventures and ABCDE Capital spearheading the investment. This milestone, valuing Bitlayer at $80 million, underscores the company’s ambition to establish itself as the computational backbone of Bitcoin.
The funding round saw participation from a distinguished lineup of investors and ecosystem partners, including StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital, Kenetic Capital, Kestrel, Global Coin Research, Pivot Global, and Web3Port, among others. Notable angel investors such as Messari CEO Ryan Selkis, Messari co-founder Dan McArdle, Asymmetric Capital founder Dan Held, Hacken CEO Dyma, Sky Mavis CEO Trung and CTO Andy, and Kyber Network founder Loi Luu also contributed to the round.
Bitlayer’s strategic partners, including Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal, and more, provided substantial support, highlighting the collective effort driving Bitlayer’s growth.
At the heart of Bitlayer’s innovation is its Bitcoin Layer 2 network based on BitVM, offering unparalleled security and Turing completeness. By enhancing scalability and connectivity within the Bitcoin ecosystem, Bitlayer aims to propel Bitcoin to the forefront of blockchain technology.
The infusion of new capital will fuel Bitlayer’s mission to expand the boundaries of Bitcoin Layer 2 use cases and bolster its global presence. With plans to augment its team across business development and engineering, Bitlayer is poised for accelerated growth and impact.
In tandem with its fundraising success, Bitlayer is launching the Ready Player One initiative, a groundbreaking ecosystem incentive program designed to catalyze development on the Bitlayer mainnet. With token rewards exceeding $50 million, Ready Player One aims to attract top-tier projects and protocols, fostering innovation and collaboration within the Bitlayer ecosystem.
Bitlayer remains committed to supporting builders through various resources, including potential investment, liquidity support, product development assistance, mentorship opportunities, and collaboration with the broader Bitcoin community.
As Bitlayer continues to gain traction and industry recognition, the company’s vision of revolutionizing Bitcoin’s computational capabilities is swiftly becoming a reality, signaling a new era of scalability and security for the world’s leading cryptocurrency.
