We are so back. Singapore-based crypto startup Bitlayer just raised an $11M Series A. They’re building a Bitcoin Layer 2 solution based on the BitVM paradigm!

• If this sounds complex, read on below.
• They’ve accumulated over $500M in TVL and 300 ecological projects.

Investor check. Franklin Templeton and ABCDE led the round.

• Stake Capital Group, WAGMI Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, Caladan, as well as angel investors DOMO (BRC20 creator) and Brian Kang (co-founder, FactBlock) also joined in!
• They’ve raised a total of $16M in funding.

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🤔 Umm what?

Bitcoin Layer 2. This is a framework/tech solution built on top of an existing blockchain system—like Bitcoin.

• That’s why it’s called Layer 2, and this additional “layer” allows enhancements on the system, like making it faster or more scalable.

BitVM paradigm. It stands for Bitcoin Virtual Machine. BitVM came out in October last year and introduced a system that makes any computation verifiable on Bitcoin's blockchain—without impacting its security or changing the network.

• Before BitVM, Bitcoin’s script programming language wasn’t Turing-complete (basically, it couldn’t do the same complex computations other computer languages can do).

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🅱️ Back to Bitlayer

Founded in 2023, Bitlayer is here to build the computation layer for Bitcoin—and make history in the Bitcoin world.  

• The goal? Bring ultra-scalability to BItcoin while keeping its security and making sure it’s a quick, low-cost transaction experience.
• Context. Usually, there’s a trade-off between security and Turing completeness in Bitcoin Layer 2, and they’re here to change that.  

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💰 What’s with the $$$?

They’ll double down on growth and development. This includes ecosystem expansion, like supporting the native web3 projects built in their ecosystem.