Bitlayer Labs Raises $11 Million in Series A Funding Led by Franklin Templeton

Bitlayer Labs Secures $11 Million in Series A Funding

Bitlayer Labs, a prominent player in the Bitcoin layer-2 blockchain space, has successfully completed a Series A funding round, raising a substantial $11 million at an impressive valuation of $300 million. This funding round was spearheaded by ABCDE, with notable participation from Franklin Templeton, a leading issuer of spot Bitcoin (BTC) exchange-traded funds in the United States.

The involvement of Franklin Templeton, a trillion-dollar asset management firm, underscores a growing interest from the traditional finance (TradFi) sector in the advancements occurring within decentralized finance (DeFi) ecosystems. This collaboration could signify a pivotal moment where established financial institutions begin to embrace the innovations within the cryptocurrency domain.

Bitlayer’s layer-2 solution is grounded in the innovative BitVM paradigm, which was introduced last October. This groundbreaking approach aims to facilitate Ethereum-style smart contracts on the Bitcoin blockchain, effectively bridging the gap between two of the largest cryptocurrencies. By leveraging the BitVM framework, Bitlayer seeks to enhance the utility of the Bitcoin network while ensuring robust security measures are upheld.

One of the key features of Turing completeness is its implication that a system possesses all the necessary tools to perform any computation or run any program. This characteristic is vital for fostering versatility and expanding the potential applications of blockchain technology.

Kevin Farrelly, managing principal at Franklin Templeton Digital Assets, expressed optimism regarding Bitlayer’s innovative approach. He stated, “We believe that Bitlayer’s unique approach and technology has the potential to unlock new use cases and opportunities for Bitcoin,” in an announcement made via email on Tuesday.