Bitlayer, Bitcoin Layer-2 Chain, Secures $11M Funding Round Led by Franklin Templeton ETF Issuer
Bitlayer Labs, a Bitcoin layer-2 blockchain company, recently announced a successful Series A funding round, raising $11 million at a valuation of $300 million. This funding round was led by ABCDE and Franklin Templeton, a prominent asset manager, indicating increasing interest from the traditional finance world in developments within decentralized finance (DeFi).
Bitlayer’s layer 2 technology, based on the BitVM paradigm unveiled last October, aims to introduce Ethereum-style smart contracts on the original blockchain. This innovative approach has injected new energy into initiatives seeking to enhance the network’s utility by achieving Turing completeness while maintaining security.
Turing completeness signifies a system’s ability to perform any calculation or execute any program, highlighting its versatility and utility. Kevin Farrelly, managing principal at Franklin Templeton Digital Assets, expressed optimism about Bitlayer’s potential to unlock new opportunities for Bitcoin.
In the broader context, the involvement of Franklin Templeton in this funding round underscores the growing convergence between traditional and decentralized finance sectors. This collaboration signifies a significant step towards bridging the gap between these two worlds.
The successful funding round and the strategic investment from Franklin Templeton reflect a positive outlook on the future of Bitcoin layer-2 technologies and their potential to drive further innovation in the cryptocurrency space.
For more insights on similar developments, you can explore related articles on CoinDesk.
