Bitlayer secures $9M in extended Series A led by Polychain Capital

Bitlayer, a Layer 2 solution on Bitcoin, has secured $9 million in its extended Series A funding round, raising the total amount to $25 million.

The Bitcoin (BTC) L2 network announced that the funding round was led by venture capital firm Polychain Capital, with asset manager Franklin Templeton, which co-led the initial phase, joining as a co-leader once again.

Bitlayer Labs emphasized that this funding round is a significant milestone ahead of the expected launch of Bitlayer V2. This upcoming version will feature a Bitcoin-native rollup utilizing OpVM, safeguarding state transitions through validity proofs and fraud proofs.

Regarding the technology, co-founder Kevin He remarked:

“It allows Bitcoin to effortlessly merge into any programmable blockchain landscape in a trustless way, which will promote swift development and extensive adoption of a decentralized application ecosystem leveraging Bitcoin’s notable liquidity.”

Enhancing Bitcoin’s L2 ecosystem

This recent investment follows Bitlayer’s $5 million seed funding round completed in March 2024 and an $11 million Series A round in July. Since its mainnet V1 launch on April 15, Bitlayer has attracted growing interest, and the latest funding boost reaffirms investor faith in the platform.

Key growth indicators for Bitlayer include the launch of over 280 decentralized applications spanning infrastructure, developer tools, decentralized finance, wallets, non-fungible tokens, and gaming. The network is also witnessing significant activity in real-world assets and the metaverse.

Notable partnerships have been formed with platforms such as Ankr, Polyhedra, Particle Network, and Babylon. Additionally, Bitlayer Labs has collaborated with blockchain security auditor Hacken and cloud service provider AWS Cloud.

Among the investors in the extended round were SCB Limited, Selini Capital, and G-20 Group. The July fundraising attracted support from Framework Ventures, Franklin Templeton, ABCDE, and OKX Ventures, among others.