Bitlayer Labs, a Bitcoin Layer 2 network developer, has raised $11 million in a Series A funding round at a $300 million valuation. The round was co-led by Franklin Templeton Digital Assets and ABCDE, a crypto venture capital firm. Other investors included Framework Ventures, WAGMI Ventures, GSR Ventures, Flow Traders, and FalconX. Angel investors also joined the round. The funding will help Bitlayer Labs continue developing its Bitcoin Layer 2 network, which is based on the Bitcoin Virtual Machine system and claims to have over 200 projects in its ecosystem. Bitlayer plans to launch the testnet of its mainnet V2 soon, which will include the world's first Bitcoin verification capability solution. The company also plans to launch its own governance token, BTR, for staking and governance participation.