Bitcoin Layer-2 Chain Bitlayer Raises $11M Led by ETF Issuer Franklin Templeton

Bitcoin layer-2 blockchain Bitlayer Labs said it raised $11 million in a Series A funding round at a valuation of $300 million. The investment was led by ABCDE and Franklin Templeton, one of the issuers of a spot bitcoin {{BTC}} exchange-traded fund in the U.S. The involvement of Franklin Templeton, a trillion-dollar asset manager, suggests the traditional finance (TradFi) world is taking notice of developments in decentralized finance (DeFi). Bitlayer's layer 2 is based on the BitVM paradigm, which was unveiled last October, laying out a path for Ethereum-style smart contracts on the original blockchain.

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