Bitcoin layer-2 startup Bitlayer has raised $11 million in its Series A round led by Franklin Templeton and ABCDE, bringing total funding to $16 million. The funds will help expand Bitlayer’s Web3 platform and supported protocols atop BitVM, enabling smart contracts on the Bitcoin network.
Bitlayer has amassed over $500 million in total locked value across approximately 300 projects, highlighting its pivotal role in the Bitcoin ecosystem. BMAN, managing partner of ABCDE Capital, emphasized Bitlayer’s potential to become the first native Bitcoin layer-2 solution.
The new capital will also support the development of Bitlayer’s Mainnet-V2, a Bitcoin-native rollup using a proof system that combines ZK and fraud proofs. Pantera Capital projects that Bitcoin’s decentralized finance sector could gain hundreds of billions in liquidity if it matches Ethereum’s market shares.
This funding marks a significant step towards enhancing Bitcoin’s capabilities and long-term growth in the Web3 space.
