Bitlayer, an L2 network on Bitcoin, has secured $11 million in seed funding led by Franklin Templeton, ABCDE, and Framework Ventures. The funds will support Bitlayer’s protocols and scale the Bitcoin ecosystem.
Notable investors such as Stake Capital Group, WAGMI Ventures, Flow Traders, GSR Ventures, and FalconX also participated. Bitlayer aims to enhance performance and reduce transaction costs for its users.
Co-founder Charlie Hu highlighted Franklin Templeton’s focus on solutions that boost currency holders’ returns, emphasizing the critical role of Bitcoin-based L2 infrastructure. A key example is the decentralized exchange Macaron, which offers comprehensive profit schemes.
According to DeFiLlama, Bitlayer’s Total Value Locked (TVL) stands at around $400 million, indicating strong trust and interest from users and investors.
Bitlayer’s strategic use of these funds aims for long-term efficiency and effectiveness in the Bitcoin ecosystem, attracting more users and solidifying its market position.
