BitVM-Based Bitlayer, a Leading Bitcoin L2, Nets $5M in Funding, Unveils $50M 'Ready Player One' Program

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Singapore, Singapore, April 3rd, 2024, Chainwire

Bitlayer Labs, the archetypal Bitcoin Layer 2 solution based connected BitVM, announced a effect circular of $5M led by Framework Ventures and ABCDE Capital, information by StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital and galore more. The announcement comes arsenic Bitlayer prepares the motorboat of its open-incentive programme Ready Player One, inviting developers worldwide to augment, enhance, and physique connected the protocol.

Bitlayer Labs, the developer of Bitcoin Layer 2 protocol Bitlayer, announced contiguous the adjacent of a $5 cardinal effect backing circular astatine an $80 cardinal valuation, driving a imaginativeness to go the computation furniture of Bitcoin.

Investors & Ecosystem Partners

Blockchain-based task firms Framework Ventures and ABCDE Capital led the round, with information from StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital, Kenetic Capital, Kestrel, Global Coin Research, Pivot Global, and Web3Port. Many different unthinkable investors added worth to the effect round.

Prominent angel investors including Messari CEO Ryan Selkis, Messari co-founder Dan McArdle, Asymmetric Capital laminitis Dan Held, Hacken CEO Dyma, Sky Mavis CEO Trung and CTO Andy, and Kyber Network laminitis Loi Luu, among others, joined successful capitalizing the round.

Bitlayer’s effect circular was delivered soaring value-add enactment from ecosystem partners including Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal, and more.

The Bitlayer Network

Bitlayer is the archetypal Bitcoin Layer 2 web based connected BitVM, offering Bitcoin-equivalent information and Turing completeness. The protocol aims to physique a much scalable and interconnected Bitcoin ecosystem.

The securing of caller superior pushes Bitlayer's pb successful paving the mode for much Bitcoin Layer 2 usage cases, a contention that volition propel Bitcoin to prevail implicit different blockchains successful size, scalability, and security. The money volition besides alteration Bitlayer to turn its squad by hiring crossed concern improvement and engineering faculties to enactment planetary enlargement efforts.

Investment firms are progressively optimistic astir the Bitcoin ecosystem arsenic Bitlayer is rapidly gaining prominence, capturing the industry's attention.

Investor Remarks

Roy Learner, spouse astatine Framework Ventures, spoke connected the augmentation of Bitlayer with BitVM: “We are excited to backmost Bitlayer arsenic they motorboat the archetypal Bitcoin Layer 2 web based connected BitVM. Looking astatine the trade-off space, BitVM struck america arsenic the astir applicable attack to bring scalability and expressiveness into the BTC ecosystem without sacrificing security. With implicit $1T of planetary wealthiness looking to productively utilize their BTC, Bitlayer opens up the plan abstraction to present caller DeFi usage cases and applications. Led by a squad of OGs, we've been impressed by Kevin and Charlie's blend of heavy method inheritance and affluent crypto acquisition and are excited to spouse with them arsenic they present connected their imaginativeness of making Bitcoin a much productive asset.” Qiao Wang, co-founder of Alliance DAO, emphasized the aboriginal of Bitlayer and Bitcoin L2s successful the emerging era: “I spent the immense bulk of my intellectual, social, and fiscal superior successful the Ethereum ecosystem successful the past decade, but heavy down I've ever been a Bitcoiner. The anticipation to heighten Bitcoin's expressiveness and scalability via L2s specified arsenic Bitlayer is the astir breathtaking infinitesimal successful the past of Bitcoin. That is due to the fact that there's implicit $1T of wealthiness stored connected Bitcoin, and the holders would privation to bash thing productive with it. Greater expressiveness and scalability alteration this. Bitlayer is 1 of the astir experienced, passionate, and technically susceptible teams to tackle this problem.”In the midst of gathering Bitlayer, co-founder Charlie Hu shared his thoughts connected the protocol’s milestone: "This enactment signifies investors’ and builders’ spot successful Bitlayer and the team, and demonstrates a robust backing for the Bitcoin ecosystem and the aboriginal of Bitcoin DeFi astatine large."

Bitlayer ventures into the aboriginal of Bitcoin with recently supplied capital, anticipating a unreserved of improvement enactment and capitalist involvement successful the Bitcoin Layer 2 space.

"Bitlayer is dedicated to bringing ace scalability into the Bitcoin ecosystem, with hundreds of millions of imaginable users arsenic an addressable market," said Kevin He, co-founder of Bitlayer. "We’ve created the best, easiest-to-use scalability merchandise successful bid to springiness users amended interest rates and faster actions, each based connected Bitcoin’s information foundation."

With the attack of the Bitcoin halving event, the request for a robust Bitcoin ecosystem becomes much important than ever. Bitlayer’s exacting plan and rigorous information auditing successful mentation for nationalist mainnet motorboat primes the protocol for a flourishing builder ecosystem. Mainnet launches connected April 5th, with much milestones arriving soon connected the project’s improvement pipeline.

Ready Player One– Ecosystem Incentive Program

To accelerate ecosystem improvement and incentivize projects to deploy connected the Bitlayer mainnet, Bitlayer is launching a bid of ecosystem inducement programs– starting with the archetypal event, Ready Player One.

The run is an unfastened inducement programme designed to administer token rewards valued astatine implicit $50M to protocols and teams that deploy to the Bitlayer mainnet and show exceptional performance. Bitlayer’s maturation is accelerating, urging beardown projects to articulation its ecosystem to turn the protocol successful exponential ways.

Bitlayer commits to providing broad ecosystem enactment for each projects, offering the pursuing resources to builders:

Potential concern from the instauration and institutions
Initial liquidity support
Comprehensive merchandise improvement resources
Mentorship and transportation opportunities from top-tier incubators
Support from the Bitcoin assemblage and OGs
Ecosystem collaboration and co-creation

Users tin find the afloat nonfiction here for much information.

About Bitlayer

Bitlayer is the archetypal Bitcoin Layer 2 web based connected BitVM, offering Bitcoin-equivalent information and Turing-completeness. Bitlayer is committed to becoming the computation furniture for Bitcoin. It introduces ultra-scalability and inherits Bitcoin’s L1 security, providing users with precocious throughput and a low-cost transaction experience.

More connected Bitlayer:

Website | Twitter | Discord | Medium | Github