Bitcoin Layer-2 Project Bitlayer Raises $11 Million in Series A

Bitcoin Layer-2 Project Bitlayer Raises $11 Million in Series A

Bitcoin Layer-2 Project Bitlayer Secures $11 Million in Series A Funding Bitlayer Labs, a Bitcoin layer-2 project, has successfully closed an $11 million Series A funding round, led by Franklin Templeton, ABCDE, and Framework Ventures. Stake Capital Group, Wagmi Ventures, and Flow were among the other investors who participated in the round. The funding will be utilized to develop Bitlayer's mainnet, a layer-2 network built on top of Bitcoin that aims to improve transaction speed, scalability, and security. The mainnet is expected to launch in 2023. About Bitlayer Bitlayer is a Bitcoin layer-2 solution that uses state channels to enable off-chain transactions. This approach reduces the load on the Bitcoin blockchain, allowing for faster and cheaper transactions. Bitlayer's solution is designed to be interoperable with other layer-2 protocols, such as the Lightning Network. Significance of the Funding The $11 million Series A funding is a significant milestone for Bitlayer and the Bitcoin ecosystem. It demonstrates the growing interest in layer-2 solutions for Bitcoin, as they offer the potential to address the blockchain's scalability limitations. The funding will enable Bitlayer to accelerate the development of its mainnet and expand its team. The project aims to become a leading provider of layer-2 solutions for Bitcoin, empowering users with faster, more affordable, and more secure transactions.