@mcdadeferet

Bitlayer Labs, a Bitcoin BTC -1.59% Layer 2 network developer, has raised $11 million in a Series A funding round at a $300 million valuation. Franklin Templeton Digital Assets and ABCDE, a crypto venture capital firm co-founded by Huobi co-founder Du Jun, co-led the round, Bitlayer Labs said Tuesday. Other investors included Framework Ventures, WAGMI Ventures, GSR Ventures, Flow Traders and FalconX. Angel investors, including DOMO, creator of BRC-20, and Brian Kang, co-founder of FactBlock KBW, also joined the round. The round was structured as a simple agreement for future equity (SAFE) plus token warrants, Charlie Hu, co-founder of Bitlayer Labs, told The Block. Hu said that the $300 million valuation includes both equity and fully diluted token valuation, adding that Bitlayer Labs is the project's British Virgin Islands-based equity entity, while the Panama-based Bitlayer Foundation handles the token entity.

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