Bitlayer secures $5M funding for L2 Bitcoin solution, launches $50M program

From Investing.com: 2024-04-03 01:30:41

Bitlayer Labs secured $5 million in a seed round led by Framework Ventures and ABCDE Capital for their Layer 2 solution based on BitVM. Investors include StarkWare, OKX Ventures, and more. The launch of Bitlayer’s Ready Player One program invites developers to enhance the Bitcoin ecosystem. The protocol aims for scalability and global expansion.

The funding round valued Bitlayer at $80 million and attracted prominent investors like Ryan Selkis and Dan Held. Ecosystem partners like AWS Cloud and Hacken provided support. Bitlayer, based on BitVM, offers Bitcoin-equivalent security and Turing completeness to create a more scalable Bitcoin ecosystem. The funding will help grow the team and expand globally.

Notable investor remarks include Framework Ventures endorsing BitVM’s practical scalability for the BTC ecosystem and Alliance DAO highlighting Bitlayer’s potential to enhance Bitcoin’s expressiveness. Bitlayer aims to increase scalability for Bitcoin and Bitcoin DeFi, anticipating development activity in the Bitcoin Layer 2 space. Mainnet launch is set for April 5th.

To incentivize projects to deploy on Bitlayer’s mainnet, the Ready Player One program offers over $50 million in token rewards. Projects can receive investment, liquidity support, and mentorship. Bitlayer aims to become the computation layer for Bitcoin, offering high throughput and low-cost transactions. The program urges strong projects to join its ecosystem for exponential growth.

Read more at Investing.com: BitVM-Based Bitlayer, a Leading Bitcoin L2, Nets $5M in Funding, Unveils $50M ‘Ready Player One’ Program By Chainwire