Bitcoin
ETF Issuer Franklin Templeton Leads Bitlayer’s $11 Million Series A to Scale Bitcoin Network
Financial stalwart Franklin Templeton, which launched a Bitcoin exchange-traded fund in January, is investing in the broader ecosystem of the original cryptocurrency token. On Tuesday, a Bitcoin layer 2 project known as Bitlayer Labs has announced that it has raised $11 million in a Series A funding round, led by Franklin Templeton along with ABCDE and Framework Ventures.
A layer 2 refers to a network that sits on top of a base layer like Bitcoin or Ethereum and offers a faster and cheaper way to process transactions by compiling them into batches and periodically recording them on the primary blockchain.
The latest round brings Bitlayer’s total funding to $16 million. Other investors include Stake Capital Group, WAGMI Ventures, Flow Traders, GSR Ventures, and FalconX, among others.
Bitlayer is the first Bitcoin infrastructure project to receive investment from an ETF-licensed institution. The partnership with Franklin Templeton highlights the “growing interest and momentum” from institutions to address the technical challenges Bitcoin faces when it comes to scalability, the company said in a statement.
As for Franklin Templeton’s decision to invest in Bitcoin, Bitlayer Labs co-founder Charlie Hu told Fortune that it’s because the financial giant wants to fund solutions that can lead to yield-generating opportunities for holders of the currency — including themselves. “Without a layer-2 infrastructure, there’s no yield opportunity for Bitcoin in your cold wallet,” he said. For example, Noodlea decentralized exchange built on Bitlayer touts the promise of “comprehensive income generation schemes.”
‘History in the world of Bitcoin’?
Bitcoin, the original blockchain, was built to be a decentralized digital currency and a long-term hedge against inflation. In contrast, Ethereum was designed to be a platform that enables smart contracts and decentralized applications. Evidence of this can be seen in comparative network activity. Bitlayer is the top-ranked Bitcoin layer 2 by total value locked, with $404 million stored on-chain, according to data from DeFiLlama. But in contrast, Ethereum’s equivalent, Arbitrum One, boasts almost 18 billion dollars.
The short answer to why is that Ethereum’s higher throughput and Turing completeness — a term in computability theory that describes a system that can solve any computational problem — mean that complex applications can be created more easily.
But Bitlayer wants to change that. Its main goal is to address Bitcoin’s trade-off between security and completeness through cryptographic innovations and blockchain protocol engineering.
Bitlayer is the first layer 2 solution on the Bitcoin Virtual Machine, or BitVM. BitVM extends Bitcoin’s functionality without changing the underlying network. Think of it as a computing paradigm that expresses Bitcoin’s smart contracts while requiring “no changes to the network’s consensus rules.” It enables a layer-2 “free market” to be built on top of Bitcoin.
Bitlayer wants to scale Bitcoin while “inheriting its security, providing users with a high-throughput, low-cost transaction experience,” the company said in a statement. Hu wants to make “history in the Bitcoin world,” he said in a statement.
The funds announced today will be deployed to support the number of protocols built within the ecosystem. The company’s development team continues to work on building its Mainnet-V2, a native Bitcoin rollup.
“We believe that Bitlayer’s unique approach and technology has the potential to unlock new use cases and opportunities for Bitcoin, and we look forward to exploring opportunities to collaborate with our Bitcoin-focused financial products,” Kevin Farrelly, managing director of Franklin Templeton Digital Assets, said in a statement.
The Bitcoin ETF launched by Franklin Templeton — a historic company dating back to 1947 — currently oversees US$312 million in assets under management.
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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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