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).
Turing completeness refers to a system having all the tools required to carry out any calculation or execute any program. Thus it suggests versatility and utility.
“We believe that Bitlayer’s unique approach and technology has the potential to unlock new use cases and opportunities for Bitcoin,” Kevin Farrelly, managing principal at Franklin Templeton Digital Assets, said in an emailed announcement on Tuesday.
