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  • Bitlayer Raised $11 Million, Led by Franklin Templeton

Bitlayer Raised $11 Million, Led by Franklin Templeton

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  • Bitcoinsensus Staff
  • Last updated: August 1, 2024
  • 7:14 am

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Bitlayer raised $11 million, led by Franklin Templeton

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Table of Contents

  • Bitlayer, a Bitcoin layer-2 solution, raised $11M, led by Franklin Templeton
  • Bitlayer is based on BitVM, which strives to bring Ethereum-style smart contracts on top of Bitcoin
  • BitVM’s Turing completeness enhances network utility without undermining security

Bitlayer recently secured $11M in a Series A funding round, led by ETF Issuer Franklin Templeton and with participation from ABCDE, at a valuation of $300 million.

“We believe that Bitlayer’s unique approach and technology has the potential to unlock new use cases and opportunities for Bitcoin,” Kevin Farrelly, managing principal at Franklin Templeton Digital Assets, said.

Recall that Bitlayer is based on BitVM, which strives to bring Ethereum-style smart contracts on top of Bitcoin. Since BitVM’s Turing completeness, it should expand Bitcoin’s functionality while maintaining the network’s high stability and reliability.

All of this is very much in line with recent trends regarding the increased attention given to Bitcoin by the world’s political and economic powers. This could give Bitcoin not only a premium status with respect to regulators, but also finally expand its functionality on par with Ethereum.

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