Bitlayer, a Layer 2 platform built on top of Bitcoin, has successfully secured an additional $9 million in funding from Polychain Capital, a venture capital firm. This extended Series A funding round has brought the total amount raised to an impressive $25 million.
The team at Bitlayer Labs is thrilled about this latest round of funding, as it represents a significant milestone in their journey towards the launch of Bitlayer V2. This new version of the platform will introduce a Bitcoin-native rollup that utilizes OpVM technology to enhance security and efficiency. By incorporating validity proofs and fraud proofs, Bitlayer V2 aims to enable seamless integration of Bitcoin into various programmable blockchain environments in a trustless manner.
Co-founder Kevin He expressed his excitement about the potential impact of this technology, stating that it will pave the way for rapid development and widespread adoption of decentralized applications that leverage Bitcoin’s liquidity.
Since its inception, Bitlayer has been gaining traction in the market. Following a successful $5 million seed round in March 2024 and an $11 million Series A round in July, the platform has witnessed significant growth. With over 280 decentralized applications deployed across various sectors such as infrastructure, decentralized finance, gaming, and non-fungible tokens, Bitlayer is proving to be a versatile solution for developers and users alike.
Moreover, Bitlayer has formed strategic partnerships with leading platforms like Ankr, Polyhedra, Particle Network, and Babylon. Collaborations with blockchain security auditor Hacken and cloud computing provider AWS Cloud further enhance the platform’s credibility and security measures.
In addition to Polychain Capital, other notable investors in the extended funding round include SCB Limited, Selini Capital, and G-20 Group. The previous Series A round saw investments from Framework Ventures, Franklin Templeton, ABCDE, and OKX Ventures, underscoring the widespread interest and confidence in Bitlayer’s vision and capabilities.
Overall, the future looks promising for Bitlayer as it continues to advance Bitcoin’s Layer 2 ecosystem and drive innovation in the decentralized application space. With a strong foundation and a growing network of partners and supporters, Bitlayer is well-positioned to make a significant impact in the blockchain industry in the coming years.