Bitlayer, the Bitcoin layer-2 platform, has raised additional capital from Franklin Templeton Digital Assets and Polychain Capital, expanding its recent Series A funding round. The startup raised an additional $9 million, according to an announcement on October 8. SCB Limited, RW3 Ventures, Selini Capital, and G-20 Group also participated in the round.

Bitlayer is behind OpVM technology, which provides a verification solution at Bitcoin’s base layer. The technology combines proofs of fraud (BitVM) and proofs of validity (using OP_CAT). Bitlayer, which will launch its mainnet in April 2024, raised around $900 million in fees in September and currently has $380.7 million in locked value.

The additional funds will support the launch of Bitlayer v2. Bitlayer is also backed by venture firms including Framework Ventures, ABCDE, StarkWare, OKX Ventures, Alliance DAO, and UTXO Management. It raised $25 million in total funding, with a $5 million seed round in March and an $11 million Series A round in July.

Franklin Templeton is looking for Bitcoin returns. Bitlayer co-founder Charlie Hu said Franklin Templeton is exploring alternatives to generating returns for its clients through digital assets. What do you think of this collaboration? Share in the comments!