Bitcoin L2 project Bitlayer raises $11 million in Series A funding led by Franklin Templeton

According to Fortune magazine, Bitlayer, a Bitcoin L2 network, has raised $11 million in Series A funding led by Franklin Templeton.

Financial giant Franklin Templeton has been actively investing in a wider native cryptocurrency ecosystem since launching a Bitcoin ETF in January. Bitlayer Labs, a Bitcoin 2-layer project, announced today that it has raised $11 million in Series A funding, led by Franklin Templeton, ABCDE, and Framework Ventures. This round of financing brings Bitlayer's total funding to $16 million.

Kevin Farrelly, the head of Franklin Templeton Digital Asset Management, stated in an email statement on Tuesday to the media:

We believe that Bitlayer's unique methods and technologies have the potential to unlock new use cases and opportunities for Bitcoin

According to the official introduction, Bitlayer is the first Bitcoin security equivalent 2-layer network based on BitVM. The core goal of Bitlayer is to address the trade-off between security and Turing completeness in Bitcoin L2. The new financing will be used to support the number of protocols built within its ecosystem, and the company's development team continues to work on establishing its V2 mainnet,