April 3rd, 2024: BitVM-Based Bitlayer Nets $5M in Funding, Unveils $50M ‘Ready Player One’ Program

Singapore, Singapore

Chainwire Bitlayer Labs, the first Bitcoin Layer 2 solution based on BitVM, announced a seed round of $5M led by Framework Ventures and ABCDE Capital, with participation by StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital and many more. The announcement comes as Bitlayer prepares to launch its open-incentive platform to revolutionize the Bitcoin Layer 2 space.

Bitlayer, a leading Bitcoin Layer 2 solution, has secured $5M in funding to continue its mission of enhancing the scalability and efficiency of the Bitcoin network. The seed round, led by Framework Ventures and ABCDE Capital, signals a strong show of support from the crypto community for Bitlayer’s innovative approach to Layer 2 solutions.

With the backing of prominent investors like StarkWare, OKX Ventures, Alliance DAO, UTXO Management, and Asymmetric Capital, Bitlayer is well-positioned to drive adoption of its BitVM-based platform. The ‘Ready Player One’ program, with a total of $50M allocated for incentives, aims to incentivize developers and users to participate in the Bitlayer ecosystem and explore the full potential of Layer 2 solutions.

BitVM, the underlying technology powering Bitlayer, offers a scalable and secure Layer 2 solution for Bitcoin transactions. By leveraging BitVM’s innovative approaches to transaction processing and verification, Bitlayer aims to address the scalability challenges facing the Bitcoin network and unlock new possibilities for decentralized finance.

How will this affect me?

As a Bitcoin user, the development of BitVM-based Bitlayer and the influx of funding into the project could have significant implications for your experience with the cryptocurrency. With improved scalability and efficiency on the Layer 2 level, you may experience faster and more cost-effective transactions, making Bitcoin more accessible and user-friendly.

How will this affect the world?

The advancement of BitVM-based Bitlayer and the support from key players in the crypto space signify a growing interest in enhancing the capabilities of the Bitcoin network. By fostering innovation in Layer 2 solutions, Bitlayer has the potential to impact the broader crypto ecosystem, driving increased adoption and expanding the possibilities for decentralized finance applications.

Conclusion

BitVM-based Bitlayer’s successful funding round and the launch of the ‘Ready Player One’ program mark significant milestones in the evolution of Layer 2 solutions for Bitcoin. With a focus on scalability, efficiency, and developer incentives, Bitlayer is poised to shape the future of decentralized finance and drive further innovation in the crypto space.