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Fortune

Niamh Rowe

ETF issuer Franklin Templeton leads Bitlayer’s $11 million Series A to scale Bitcoin network

Bitcoin Franklin Templeton ETF Ethereum

(Credit: Bloomberg—Getty)

Financial stalwart Franklin Templeton, which launched a Bitcoin exchange-traded fund in January, is investing in the wider ecosystem of the original cryptocurrency token. On Tuesday, a Bitcoin layer 2 project known as Bitlayer Labs announced it has raised a $11 million in Series A funding round, led by Franklin Templeton along with ABCDE and Framework Ventures.

A layer 2 refers to a network that sits atop a base layer like Bitcoin or Ethereum and offers a faster and cheaper way to process transactions by compiling them in batches and recording them periodically on the primary blockchain.

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