According to Fortune, Bitcoin L2 project Bitlayer Labs announced the completion of a $11 million Series A financing round 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 financing brings Bitlayer's total financing 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 to develop its Mainnet-V2.
