Franklin Templeton invests in Bitlayer’s $300M-valued Bitcoin infrastructure

Bitlayer, a Bitcoin Layer-2 community, has raised a complete of $16 million, together with $11 million in its Sequence A funding spherical at a $300 million valuation, in response to a July 23 assertion shared with CryptoSlate.

Franklin Templetona number one funding administration agency and issuer of spot Bitcoin and Ethereum ETFs, and ABCDE led the Sequence A funding spherical.

Bitlayer said:

“Franklin Templeton’s participation marks a notable milestone as Bitlayer turns into the primary Bitcoin Layer 2 infrastructure venture to safe strategic investments from an ETF-licensed establishment.”

The opposite buyers embrace Framework Ventures, Stake Capital Group, WAGMI Ventures, Skyland Ventures, Circulation Merchants, GSR Ventures, FalconX and others.

Eyes BitVM extension

Bitlayer plans to make use of the funding for strategic and capital sources to help its enlargement. The corporate is creating a Bitcoin Layer 2 community based mostly on the Bitcoin Digital Machine (BitVM) system, which ensures Bitcoin-equivalent safety.

Bitlayer launched its mainnet V1 in April and claims its ecosystem has over 200 initiatives. In response to knowledge from DeFiLlama, it’s at the moment ranked as the highest Bitcoin scaling venture with a complete worth of over $550 million.

Following the launch of Mainnet-V1, the Bitlayer crew is engaged on Mainnet-V2, a Bitcoin-native rollup by which the Layer 2 state transition is secured by a Bitcoin-friendly pilot system that mixes ZK and fraud proofs.

Kevin He, co-founder of Bitlayer, said that Bitcoin nonetheless has a protracted solution to go from digital gold to mass adoption. He emphasised the necessity to handle present points resembling expertise and public notion.

He added:

“We now have reached an essential milestone for the way forward for Bitcoin Layer 2s. The associated fee and efficiency advantages of Bitlayer are important, and we’re unlocking an incredible quantity of potential worth for Bitcoin.”

In the meantime, Bitlayer’s rising success displays the evolution of the Bitcoin ecosystem. Developments like Ordinals have reworked the blockchain community, shifting the ecosystem from a easy transactional foreign money to a platform that helps numerous digital belongings.

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