Bitlayer Labs, a Bitcoin 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 …