Franklin

2024

Bitcoin

April

Bitcoin layer-2 platform Bitlayer has extended its recent Series A round of funding, attracting additional capital from previous investors Franklin Templeton and Polychain Capital.
According to an Oct. 8 announcement, the startup secured an additional $9 million in funding. SCB Limited, Selini Capital, and G-20 Group were also participants in the round.
Bitlayer is behind the OpVM solution, a new technology that combines two types of proofs — fraud proofs (BitVM) and validity proofs (using OP_CAT) — to create a verification solution for <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/everything-bitcoin-layer-2s-adoption-security" rel="" target="_self" text="null" title="https://cointelegraph.com/news/everything-bitcoin-layer-2s-adoption-security">Bitcoin’s base layer</a>. It enables the network to verify a broad range of computations, supporting the security and functionality of protocols running on the Bitcoin network.
Bitlayer’s mainnet went live in April 2024 and has amassed nearly $900 million in fees in September alone, according to data from DefiLlama. At the time of writing, it has a total value locked of $380.7 million. The additional capital will support the upcoming launch of Bitlayer v2.
<figure>
 <img alt="Venture Capital, Startups, Layer2" src="https://s3.cointelegraph.com/uploads/2024-10/019268a9-790c-7d8c-95bf-30edc380e04f" title="">
 <figcaption style="text-align: center;">
 Bitlayer’s total value locked. Source: DefiLlama
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</figure>
Also backing the startup are venture firms such as Framework Ventures, ABCDE, StarkWare, OKX Ventures, Alliance DAO, and UTXO Management. In March, Bitlayer raised a $5 million seed round, followed by an $11 million Series A round in July. The startup total funding to date stands at $25 million.
<h2 id="strong-franklyn-templeton-eyes-bitcoin-yield-strong">Franklyn Templeton eyes Bitcoin yield</h2>
In a previous interview with Cointelegraph, Bitlayer’s co-founder Charlie Hu noted that Franklin Templeton <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/everything-bitcoin-layer-2s-adoption-security" rel="null" target="null" text="null" title="null">was exploring alternatives to unlock yield</a> for its clients through digital assets, specifically through the Bitcoin network. 
“They’re sitting on $500 million Bitcoin exposure, and they want to earn more yield for their clients,” noted the co-founder during an exclusive interview at the Bitcoin 2024 conference.&nbsp;
According to Hu, the startup and the investment manager are currently “in the exploration stage” of a potential joint project.
“We’ve been actively exploring this cooperation with Franklin Templeton on the Bitcoin staking and ecosystem development side,” said Hu, adding that: 
<blockquote>
 “A number of Bitlayer ecosystem partners, including Lorenzo, Satlayer, Lombard, and Apro Protocol, have also recently received investments from Franklin Templeton, highlighting this increased level of cooperation.” Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/advanced-ai-system-already-self-aware-asi-alliance-founder-agi/" rel="null" target="null" text="null" title="null">Advanced AI system is already ‘self-aware’ — ASI Alliance founder</a>
</blockquote>

Polychain, Franklin Templeton back Bitlayer’s $9M Series A extension

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Cointelegraph

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