According to TechFlow, Bitcoin L2 project Bitlayer Labs announced the completion of US$11 million in Series A financing, led by Franklin Templeton, ABCDE and Framework Ventures, with participation from Stake Capital Group, WAGMI Ventures, Flow Traders, GSR Ventures and FalconX.
This round of funding brings Bitlayer’s total funding to $16 million. Bitlayer is the first Bitcoin infrastructure project to receive institutional investment from an ETF license and aims to solve Bitcoin’s technical challenges in scalability through cryptographic innovation and blockchain protocol engineering.
The project will be used to support multiple protocols within the ecosystem and continue the development of its Mainnet-V2.
