Bitlayer Series A Funding Hits $11M: Franklin & ABCDE Lead Investors in Strategic Partnership
By:c, dora
Bitlayer, a Bitcoin Layer 2 network, has secured $11 million in Series A funding led by Franklin Templeton Digital Assets and ABCDE Capital.
- Franklin Leads Bitlayer’s $11M Funding Round
- Franklin Templeton Digital Assets: Overview & Insights
- ABCDE Insight
- Bitlayer Overview
- Bitlayer’s current status update
- Bitlayer’s Vision for the Future
Franklin Leads Bitlayer’s $11M Funding Round
The funding round attracted a diverse array of investors, including Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, and Caladan.
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Franklin Templeton Digital Assets: Overview & Insights
Franklin Templeton Digital Assets, a subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management giant, leads the digital asset revolution. Operating under the Franklin Templeton banner, we serve clients across 150+ countries, offering cutting-edge blockchain-based solutions.
ABCDE Insight
ABCDE, a leading venture capital firm, specializes in investing in innovative crypto builders. Founded by crypto industry veterans Du Jun, co-founder of Huobi, and BMAN, a renowned Internet and crypto entrepreneur, ABCDE boasts over 10 years of collective experience.
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Bitlayer Overview
Embarking on a new era of Bitcoin scalability and security, Bitlayer stands as the pioneering Layer 2 solution based on the innovative BitVM platform. At its core, Bitlayer aims to reconcile the seemingly opposing forces of robust security and Turing completeness in the Bitcoin ecosystem, all through cutting-edge cryptographic advancements and blockchain engineering.
As the computing layer of Bitcoin, Bitlayer strives to introduce unprecedented levels of hyper-scalability to the network, while steadfastly upholding its inherent security. This dual mandate ensures that users can enjoy a trading experience that is both high-throughput and cost-effective, without compromising on the trustworthiness that Bitcoin is renowned for.
The strategic investment from Franklin Templeton, a renowned Bitcoin spot ETF service provider, further validates Bitlayer’s technological prowess and leadership in the Bitcoin ecosystem. This collaboration signifies a pivotal moment in the evolution of blockchain technology, as traditional financial institutions increasingly recognize and support the transformative potential of this emerging field.
With Bitlayer, we are ushering in a new chapter for Bitcoin, one that promises to deliver unprecedented levels of scalability and security, all while maintaining the core values and principles that have made Bitcoin a global phenomenon.
Bitlayer’s current status update
The team’s dedication is reflected in its accomplishments, including the publication of the groundbreaking Bitlayer technical white paper, the introduction of an enticing developer incentive airdrop plan, the successful launch of Mainnet-V1, the hosting of the captivating Dapp list competition, and the execution of a series of Bitlayer head mining festivals. These initiatives have not only established Bitlayer’s credibility in the market but have also led to numerous impressive results.
One striking indicator of Bitlayer’s prowess is its dominance in the Bitcoin Layer 2 landscape. According to reliable data from DeFiLlama, the total locked asset value (TVL) on the Bitcoin Layer 2 chain currently stands at approximately 1.2 billion US dollars. Within this vast ecosystem, Bitlayer holds a commanding lead, accounting for a remarkable 32.78% of the TVL. This impressive figure places Bitlayer in pole position, surpassing competitors such as Merlin, Rootstock, and CORE, which occupy 18.27%, 14.75%, and 13.61% respectively, ranking second, third, and fourth.
Moreover, Bitlayer’s ambitions are not limited to merely dominating the TVL rankings. The team is also committed to building the largest Bitcoin Layer 2 ecosystem, a goal that it has been steadily advancing towards.
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Bitlayer’s Vision for the Future
By delivering a blazingly fast and cost-effective trading experience, Bitlayer is propelling the integration of Bitcoin into the DeFi landscape, paving the way for widespread adoption. This revolution is not just about speed and efficiency; it’s about unleashing the full potential of Bitcoin to transform the financial industry.
On the technical frontier, Bitlayer is pushing the boundaries with Mainnet-V2, our cutting-edge Bitcoin-native rollup. This Layer 2 solution utilizes a groundbreaking proof system that combines ZK and fraud proofs, ensuring Layer 2 state transitions are seamlessly supported by Bitcoin’s robust infrastructure.
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