Bitlayer recently completed its Series A+ round of financing led by Polychain Capital, with a total financing amount of US$25 million

24-10-09 01:14

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Original source: Bitlayer

On October 8, Bitlayer, the first Bitcoin second-layer project based on Bitcoin finality, announced the completion of a $9 million Series A+ financing round led by Polychain Capital and co-led by Franklin Templeton. Other participating investors include SCB Limited, Selini Capital, G-20 Group and other well-known institutions.

This round of financing is the latest financing after Bitlayer completed a $5 million seed round in March this year and a $11 million Series A round in July this year. As of now, Bitlayer's investment institutions have covered Framework Ventures, ABCDE, Franklin Templeton, StarkWare, OKX Ventures, Alliance DAO, UTXO Management and other investment institutions.

After the completion of this round of financing, Bitlayer's total financing has reached $25 million. The team will expand Bitlayer to a wider range of communities and groups that pay attention to Bitcoin, further consolidating Bitlayer's leading position in the field of Bitcoin's second layer.

Bitlayer innovatively proposed and implemented OpVM, a Bitcoin layer 1 verification scheme that integrates fraud proof (BitVM) and validity proof (based on OP_CAT), which aims to enhance the security level of various protocols within the Bitcoin ecosystem and enable Bitcoin layer 1 to verify any calculation.

Comments from investment institutions

Regarding the lead investment in Bitlayer, Polychain Capital said: "Our investment in Bitlayer reflects our firm confidence in the transformative power of its innovative solutions. Bitlayer continues to break through the limits in the Bitcoin field and demonstrates outstanding commitment. The Bitlayer team, led by Kevin He and Charlie Hu, brings together a group of members who are passionate about innovation and have a deep understanding of market needs. The upcoming Bitlayer V2 is expected to attract the attention of the entire industry and verify the huge potential of OpVM."

Towards the Future of Bitcoin Finality

Since the launch of Mainnet V1 on April 15, the number of Dapps deployed on the Bitlayer chain has exceeded 280, covering infrastructure and developer tools, wallets, DeFi, NFTs, games, metaverse, RWA and many other fields. In addition, Bitlayer has reached partnerships with more than 30 projects and teams including Layerzero, Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network and Meson.

Since its inception, Bitlayer has been committed to the most cutting-edge BitVM and OP_CAT research and development, focusing on exploring the potential of Bitcoin, introducing programmability into the Bitcoin system through technological innovation, and focusing on ecosystem construction and user acquisition. To date, Bitlayer’s key milestones include:

· In March this year, the developer incentive airdrop program Ready Player One was launched, attracting more than 500 ecological projects to sign up;

· In April this year, the Bitlayer technical white paper was released, announcing Bitlayer’s technological innovations;

· In April this year, Mainnet-V1 was launched;

· In May this year, the Dapp ranking competition was launched;

· In May this year, the first Bitlayer mining festival was jointly launched with seven ecological projects including Lorenzo, Bitsmiley, Avalon, Bitcow, Pell, Enzo and Bitparty;

· In June this year, the Bitlayer mining festival S2 was jointly launched with six ecological projects including GamerBoom, Macaron, Anome, Vanilla Finance, Avalon Finance and Zearn;

· The user center Racer was launched in July this year Center, announced the points and racer upgrade mechanisms;

· In August this year, the community developers jointly launched the full-process development and security solution toolkit Track Pack.

The funds raised in this round will accelerate Bitlayer's technological innovation and implementation, and ultimately enhance the scalability, efficiency and user accessibility of the Bitlayer ecosystem. It is understood that Bitlayer is about to launch a new version V2. Bitlayer V2 is a Bitcoin native rollup, and its state transition is supported by OpVM, a verification tool that combines validity proof and fraud proof.

Bitlayer co-founder Kevin He said, "Bitlayer's technological innovation is based on the implementation of OpVM. This innovation will enable Bitcoin to seamlessly connect to other programmable blockchain environments in a trustless manner, which will promote the rapid development and wider adoption of the Bitcoin ecosystem with massive liquidity."

Bitlayer V2 will be the first Bitcoin native second-layer network to apply OpVM, which not only opens a new chapter for Bitlayer, but also a new starting point for the entire Bitcoin and the broader crypto community.

About Polychain Capital

Polychain Capital is an investment firm founded by Olaf Carlson-Wee in 2016 that focuses on investing in crypto protocols and companies. The institution is a crypto-native team that invests in the industry with the principle of deep involvement, with the goal of accelerating the global adoption of crypto.

About Bitlayer

Bitlayer is the first Bitcoin second-layer project based on Bitcoin finality. Bitlayer is building a Bitcoin native second-layer ecosystem supported by innovative technologies such as OpVM, Finality Bridge and RtEVM, providing developers and users with Bitcoin security equivalence, trustless cross-chain bridges, and real-time EVM programming experience.