Singapore, Singapore, April third, 2024, Chainwire
Bitlayer Labs, the primary Bitcoin Layer 2 answer based mostly on BitVM, introduced a seed spherical of $5M led by Framework Ventures and ABCDE Capital, participation by StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Uneven Capital and lots of extra. The announcement comes as Bitlayer prepares the launch of its open-incentive program Prepared Participant One, inviting builders worldwide to enhance, improve, and construct on the protocol.
Bitlayer Labs, the developer of Bitcoin Layer 2 protocol Bitlayer, introduced right this moment the shut of a $5 million seed funding spherical at an $80 million valuation, driving a imaginative and prescient to turn out to be the computation layer of Bitcoin.
Buyers & Ecosystem Companions
Blockchain-based enterprise companies Framework Ventures and ABCDE Capital led the spherical, with participation from StarkWare, OKX Ventures, Alliance DAO, UTXO Administration, Uneven Capital, Kenetic Capital, Kestrel, World Coin Analysis, Pivot World, and Web3Port. Many different unbelievable buyers added worth to the seed spherical.
Distinguished angel buyers together with Messari CEO Ryan Selkis, Messari co-founder Dan McArdle, Uneven Capital founder Dan Held, Hacken CEO Dyma, Sky Mavis CEO Trung and CTO Andy, and Kyber Community founder Loi Luu, amongst others, joined in capitalizing the spherical.
Bitlayer’s seed spherical was delivered hovering value-add help from ecosystem companions together with Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Community, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal, and extra.
The Bitlayer Community
Bitlayer is the primary Bitcoin Layer 2 community based mostly on BitVM, providing Bitcoin-equivalent safety and Turing completeness. The protocol goals to construct a extra scalable and interconnected Bitcoin ecosystem.
The securing of latest capital pushes Bitlayer’s lead in paving the best way for extra Bitcoin Layer 2 use circumstances, a race that can propel Bitcoin to prevail over different blockchains in measurement, scalability, and safety. The fund may also allow Bitlayer to develop its crew by hiring throughout enterprise growth and engineering schools to help world growth efforts.
Funding companies are more and more optimistic in regards to the Bitcoin ecosystem as Bitlayer is quickly gaining prominence, capturing the business’s consideration.
Investor Remarks
Roy Learner, accomplice at Framework Ventures, spoke on the augmentation of Bitlayer with BitVM: “We are excited to back Bitlayer as they launch the first Bitcoin Layer 2 network based on BitVM. Looking at the trade-off space, BitVM struck us as the most practical approach to bring scalability and expressiveness into the BTC ecosystem without sacrificing security. With over $1T of global wealth looking to productively utilize their BTC, Bitlayer opens up the design space to introduce novel DeFi use cases and applications. Led by a team of OGs, we’ve been impressed by Kevin and Charlie’s blend of deep technical background and rich crypto experience and are excited to partner with them as they deliver on their vision of making Bitcoin a more productive asset.”
Qiao Wang, co-founder of Alliance DAO, emphasised the way forward for Bitlayer and Bitcoin L2s within the rising period: “I spent the vast majority of my intellectual, social, and financial capital in the Ethereum ecosystem in the last decade, but deep down I’ve always been a Bitcoiner. The possibility to enhance Bitcoin’s expressiveness and scalability via L2s such as Bitlayer is the most exciting moment in the history of Bitcoin. That is because there’s over $1T of wealth stored on Bitcoin, and the holders would want to do something productive with it. Greater expressiveness and scalability enable this. Bitlayer is one of the most experienced, passionate, and technically capable teams to tackle this problem.”
Within the midst of constructing Bitlayer, co-founder Charlie Hu shared his ideas on the protocol’s milestone: “This support signifies investors’ and builders’ trust in Bitlayer and the team, and demonstrates a robust backing for the Bitcoin ecosystem and the future of Bitcoin DeFi at large.”
Bitlayer ventures into the way forward for Bitcoin with newly equipped capital, anticipating a rush of growth exercise and investor curiosity within the Bitcoin Layer 2 house.
“Bitlayer is dedicated to bringing super scalability into the Bitcoin ecosystem, with hundreds of millions of potential users as an addressable market,” stated Kevin He, co-founder of Bitlayer. “We’ve created the best, easiest-to-use scalability product in order to give users better fee rates and faster actions, all based on Bitcoin’s security foundation.”
With the strategy of the Bitcoin halving occasion, the necessity for a sturdy Bitcoin ecosystem turns into extra necessary than ever. Bitlayer’s exacting design and rigorous safety auditing in preparation for public mainnet launch primes the protocol for a flourishing builder ecosystem. Mainnet launches on April fifth, with extra milestones arriving quickly on the mission’s growth pipeline.
Prepared Participant One– Ecosystem Incentive Program
To speed up ecosystem growth and incentivize tasks to deploy on the Bitlayer mainnet, Bitlayer is launching a sequence of ecosystem incentive packages– beginning with the primary occasion, Prepared Participant One.
The marketing campaign is an open incentive program designed to distribute token rewards valued at over $50M to protocols and groups that deploy to the Bitlayer mainnet and display distinctive efficiency. Bitlayer’s progress is accelerating, urging robust tasks to affix its ecosystem to develop the protocol in exponential methods.
Bitlayer commits to offering complete ecosystem help for all tasks, providing the next assets to builders:
- Potential funding from the inspiration and establishments
- Preliminary liquidity help
- Complete product growth assets
- Mentorship and pitch alternatives from top-tier incubators
- Help from the Bitcoin group and OGs
- Ecosystem collaboration and co-creation
Customers can discover the complete article here for extra data.
About Bitlayer
Bitlayer is the primary Bitcoin Layer 2 community based mostly on BitVM, providing Bitcoin-equivalent safety and Turing-completeness. Bitlayer is dedicated to turning into the computation layer for Bitcoin. It introduces ultra-scalability and inherits Bitcoin’s L1 safety, offering customers with excessive throughput and a low-cost transaction expertise.
Extra on Bitlayer:
Website | Twitter | Discord | Medium | Github
Contact
Digital Advertising and marketing Supervisor
Sky Harris
Bitlayer
[email protected]
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