Accelerating Innovation in Bitcoin Layer 2
In a strategic move to bolster its position in the Bitcoin Layer 2 space, Bitlayer Labs announced in October 2024 that it had successfully raised an additional $9 million through an extended Series A funding round. This latest injection of capital was spearheaded by Polychain Capital, with continued support from Franklin Templeton and other prominent investors including SCB Limited, Selini Capital, and G-20 Group.
This extension brings Bitlayer’s total funding to $25 million, following a $5 million seed round in March and an $11 million Series A round in July. The valuation remains steady at $300 million, reflecting investor confidence in both the equity and token potential of the platform
Driving Technological Advancement
Bitlayer is pioneering a Bitcoin-native rollup architecture through its proprietary OpVM technology. This system integrates both fraud proofs and validity proofs, enabling secure and trustless verification of state transitions directly on Bitcoin’s Layer 1. Co-founder Kevin He emphasized that this innovation allows Bitcoin to function seamlessly within programmable blockchain environments, unlocking new possibilities for decentralized applications (dApps).
Since the launch of its V1 mainnet in April 2024, Bitlayer has seen rapid adoption, with over 280 dApps deployed across sectors such as DeFi, NFTs, gaming, wallets, and real-world assets. The upcoming V2 release is expected to further enhance scalability and programmability, positioning Bitlayer as a cornerstone of Bitcoin’s evolving ecosystem
Expanding the Ecosystem
Bitlayer’s growth is not limited to technology. The platform has forged strategic partnerships with major players like AWS Cloud, Hacken, Ankr, Polyhedra, Babylon, and Particle Network. These collaborations aim to strengthen infrastructure, improve security, and broaden the reach of Bitcoin-based applications .
The extended funding round also signals a broader market endorsement of Bitlayer’s vision. Investors are betting on the platform’s ability to transform Bitcoin from a passive store of value into an active foundation for decentralized innovation.
Looking Ahead
With a robust financial foundation and a rapidly expanding network, Bitlayer Labs is poised to lead the next wave of Bitcoin development. The team’s focus remains on enhancing developer tools, onboarding high-impact projects, and proving that Bitcoin can support a vibrant, scalable dApp ecosystem.
Bitlayer’s journey reflects a broader shift in the blockchain industry where Bitcoin is no longer just digital gold, but a programmable platform ready to host the future of decentralized finance and beyond.