Bitlayer closes $9m extended series A round led by Polychain Capital

Bitlayer, a Layer 2 platform on Bitcoin, has raised $9 million in its expanded Collection A funding spherical, bringing the full raised in the course of the funding spherical to $25 million.

The Bitcoin (BTC) L2 Community announced that enterprise capital agency Polychain Capital led the expanded spherical, with asset supervisor Franklin Templeton, who co-led the primary section, returning to co-lead.

Bitlayer Labs highlighted the funding spherical as an vital step forward of the anticipated launch of Bitlayer V2. This launch introduces a Bitcoin-native rollup that makes use of OpVM and protects state transitions by way of validity and fraud proofs.

Commenting on the know-how, co-founder Kevin He stated:

“It allows Bitcoin to seamlessly combine reliably into any programmable blockchain surroundings, which is able to catalyze speedy growth and widespread adoption of a decentralized utility ecosystem based mostly on Bitcoin’s substantial liquidity.”

Selling Bitcoin’s L2 ecosystem

The newest funding follows Bitlayer’s $5 million seed spherical that closed in March 2024 and its $11 million Collection A spherical in July. Since launching its mainnet V1 on April 15, Bitlayer has gained recognition and the most recent funding strengthens investor confidence within the platform.

Development metrics for Bitlayer embody the deployment of over 280 decentralized purposes throughout infrastructure, developer instruments, decentralized finance, wallets, non-fungible tokens, and gaming. Actual-world belongings and the metaverse are additionally seeing notable exercise on the community.

Main partnerships have emerged with platforms similar to Ankr, Polyhedra, Particle Community and Babylon. Bitlayer Labs additionally companions with blockchain safety auditor Hacken and cloud computing supplier AWS Cloud.

SCB Restricted, Selini Capital and G-20 Group had been among the many backers of the prolonged spherical. The July fundraiser acquired investments from Framework Ventures, Franklin Templeton, ABCDE and OKX Ventures, amongst others.