Bitcoin News, Crypto News
Polychain and Franklin Templeton Support Bitlayer’s $9M Series A Extension
Oct
Bitlayer Secures $9 Million in Series A Funding Round
Bitlayer, a startup focused on Bitcoin layer-2 solutions, has successfully raised additional capital, increasing the total funds raised to $25 million as it prepares for the launch of Bitlayer v2.
The company announced an extension of its recent Series A funding round, successfully attracting $9 million in additional investments. Key participants include Franklin Templeton Digital Assets, Polychain Capital, SCB Limited, RW3 Ventures, Selini Capital, and G-20 Group.
Bitlayer is the creator of OpVM, an innovative solution that merges two forms of proofs — fraud proofs (BitVM) and validity proofs (utilizing OP_CAT) — to offer a verification method for Bitcoin’s base layer. This technology allows the network to validate a wide array of computations, boosting the security and functionality of protocols that operate on the Bitcoin network.
The mainnet for Bitlayer launched in April 2024, and in just one month, the platform recorded nearly $900 million in transaction fees, according to DefiLlama. The total value locked on the platform is approximately $380.7 million, and the latest funding round will help facilitate the upcoming launch of Bitlayer v2.
Bitlayer’s total value locked. Source: DefiLlama
The startup has garnered support from several notable venture firms, including Framework Ventures, ABCDE, StarkWare, OKX Ventures, Alliance DAO, and UTXO Management. Earlier this year, Bitlayer completed a $5 million seed round followed by an $11 million Series A round in July.
Franklin Templeton Investigates Bitcoin Yield Opportunities
In a past discussion, Bitlayer’s co-founder Charlie Hu mentioned that Franklin Templeton is exploring ways to generate yield for its clients through digital assets, primarily focusing on the Bitcoin network.
“They have $500 million in Bitcoin exposure and are eager to enhance yield for their clients,” Hu stated during an interview at the Bitcoin 2024 conference.
He further explained that both Bitlayer and the investment manager are currently in the exploration phase of a possible collaborative project.
“We have been actively investigating opportunities for cooperation with Franklin Templeton Digital Assets regarding Bitcoin staking and ecosystem development,” Hu added, noting that several partners within the Bitlayer ecosystem, including Lorenzo, Satlayer, Lombard, and Apro Protocol, have recently received investments from Franklin Templeton Digital Assets, underscoring the growing level of collaboration.