Bitlayer Labs, the first Bitcoin 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
Ready Player One– Ecosystem Incentive Program
To accelerate ecosystem development and incentivize projects to deploy on the Bitlayer mainnet, Bitlayer is launching a series of ecosystem incentive programs– starting with the first event, Ready Player One.
The campaign is an open incentive program designed to distribute token rewards valued at over $50M to protocols and teams that deploy to the Bitlayer mainnet and demonstrate exceptional performance. Bitlayer’s growth is accelerating, urging strong projects to join its ecosystem to grow the protocol in exponential ways.
Bitlayer commits to providing comprehensive ecosystem support for all projects, offering the following resources to builders:
About Bitlayer
Bitlayer is the first Bitcoin Layer 2 network based on BitVM, offering Bitcoin-equivalent security and Turing-completeness. Bitlayer is committed to becoming the computation layer for Bitcoin. It introduces ultra-scalability and inherits Bitcoin’s L1 security, providing users with high throughput and a low-cost transaction experience.
More on Bitlayer:
Website | Twitter | Discord | Medium | Github
ContactDigital Marketing ManagerSky HarrisBitlayerskyler@bitlayer.org
This article was originally published on Chainwire
Source: Cryptocurrency - investing.com
