- Bitlayer Labs secures $11M in Series A funding, totaling $16M raised, with Franklin Templeton and ABCDE leading the round.
- Funds will boost Bitlayer's global expansion, developer engagement, and protocol development for Bitcoin Layer 2 solutions.
Bitlayer Labs, a Bitcoin Layer 2 network developer, has announced the successful closure of its Series A funding round, raising $11 million and bringing its total raised capital to $16 million.
1/ Bitlayer has successfully raised $11M in our Series A funding round, led by Franklin Templeton [@FTI_DA] and ABCDE [@ABCDELabs]. This brings our total investment to $16M.
— Bitlayer (@BitlayerLabs) July 23, 2024
Franklin Templeton's participation marks a notable milestone as Bitlayer becomes the first Bitcoin Layer… pic.twitter.com/4PoF3ft4Zj
Leading this round are industry giants Franklin Templeton and ABCDE. ABCDE, along with Framework Ventures, had previously led Bitlayer's seed funding round and continues to show strong support in this Series A round.
“We believe that Bitlayer’s unique approach and technology has the potential to unlock new use cases and opportunities for Bitcoin, and we look forward to exploring collaboration opportunities with our Bitcoin-focused financial products. This investment underscores our commitment to supporting innovation in the digital asset space,” said Kevin Farrelly, Managing Principal of Franklin Templeton Digital Assets.
The funding round also saw participation from prominent investors such as Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan, and numerous other investors known for their strategic contributions.
Notable angel investors in this round include DOMO, the creator of BRC20, Brian Kang, co-founder of FactBlock KBW, and several other respected figures in the industry.
“This Series A funding from some of the most respected entities in the blockchain space validates our mission to make breakthroughs in the Bitcoin ecosystem. Our goals include achieving Bitcoin finality, establishing a Bitcoin security-equivalent native Layer 2, and making history in the Bitcoin world,” Charlie Hu, co-founder of Bitlayer Labs.
The funds raised from this round will be used to accelerate Bitlayer Labs' global expansion efforts, enhance developer engagement, and further develop the Bitlayer protocol.
Edited by Harshajit Sarmah
