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

Bitcoin’s Short-term Holder Cost Basis Denotes a Market Bottom

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Singapore, Singapore, April 3rd, 2024, Chainwire

Bitlayer Labs, the first Layer 2 solution based on BitVM, announced a seed round of $5M led by Framework Ventures and ABCDE Capital, participation by StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital and many more. The announcement comes as Bitlayer prepares the launch of its open-incentive program Ready Player One, inviting developers worldwide to augment, enhance, and build on the protocol.

Bitlayer Labs, the developer of Bitcoin Layer 2 protocol Bitlayer, announced today the close of a $5 million seed funding round at an $80 million valuation, driving a vision to become the computation layer of Bitcoin.

Investors & Ecosystem Partners

Blockchain-based venture firms Framework Ventures and ABCDE Capital led the round, with participation from StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital, Kenetic Capital, Kestrel, Global Coin Research, Pivot Global, and Web3Port. Many other incredible investors added value to the seed round.

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

Bitlayer’s seed round was delivered soaring value-add support 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 first Bitcoin Layer 2 network based on BitVM, offering Bitcoin-equivalent security and Turing completeness. The protocol aims to build a more scalable and interconnected Bitcoin ecosystem.

The securing of new capital pushes Bitlayer’s lead in paving the way for more Bitcoin Layer 2 use cases, a race that will propel Bitcoin to prevail over other blockchains in size, scalability, and security. The fund will also enable Bitlayer to grow its team by hiring across business development and engineering faculties to support global expansion efforts.

Investment firms are increasingly optimistic about the Bitcoin ecosystem as Bitlayer is rapidly gaining prominence, capturing the industry’s attention.

Investor Remarks

Roy Learner, partner 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…

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