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

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 fundraising after Bitlayer completed a $5 million seed round of financing in March this year and a $11 million Series A round of financing in July this year. As of now, Bitlayers 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, Bitlayers total financing has reached 25 million US dollars. The team will expand Bitlayer to a wider community and group that pays attention to Bitcoin, further consolidating Bitlayers leading position in the Bitcoin second layer field.

Bitlayer innovatively proposed and implemented OpVM, a Bitcoin layer 1 verification scheme that combines 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 arbitrary calculations.

Comments from investment institutions

Regarding this 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 push the boundaries in the Bitcoin space 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 a future of Bitcoin finality

Since the launch of the 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 cutting-edge research and development of BitVM and OP_CAT, focusing on exploring the potential of Bitcoin, introducing programmability into the Bitcoin system through technological innovation, and focusing on ecosystem construction and user acquisition. So far, Bitlayers 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 to announce Bitlayer’s technological innovations.

• Mainnet-V1 was launched in April this year;

• The Dapp ranking competition was launched in May this year;

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

• In June this year, we jointly launched the Bitlayer First Mining Festival S 2 event with six ecological projects including GamerBoom, Macaron, Anome, Vanilla Finance, Avalon Finance and Zearn;

• In July this year, the user center Racer Center was launched, announcing the points and racer upgrade mechanisms;

• In August this year, we launched Track Pack, a full-process development and security solution toolkit, in collaboration with community developers.

The funds raised from this round will accelerate Bitlayers 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, which is a Bitcoin native rollup whose state transition is supported by OpVM, a verification tool that combines validity proof and fraud proof.

In this regard, Kevin He, co-founder of Bitlayer, said, Bitlayers technological innovation is based on the practical application 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 layer 2 network to use OpVM, which not only opens a new chapter for Bitlayer, but also a new starting point for the entire Bitcoin and 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 organization is a crypto-native team with a deep involvement in the industry as its investment principle, with the goal of accelerating the global adoption of crypto.

About Bitlayer

Bitlayer is the first Bitcoin layer 2 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.

Please follow the latest developments of Bitlayer and the ecosystem through the following official channels:

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