ChainCatcher news, reported by The Block, Bitcoin infrastructure startup Bitlayer has completed $5 million in oversubscribed token financing through crowdfunding platforms such as CoinList and Echo, attracting over 6,300 investors and exceeding the target by 50%. The project has raised a total of $29.91 million, which will be used to expand operations and develop mainnet V2.

According to Web3 asset data platform RootData, Bitlayer is a Bitcoin layer-two ecosystem project leading the implementation of BitVM. With a combination of security and a high-speed smart contract engine, Bitlayer aims to fully unleash the potential of BTC Fi.