Preheat your oven to 350°F (175°C). Grease and flour two 9-inch round cake pans, or line them with parchment paper for easy release.
In a medium bowl, whisk together the all-purpose flour, baking powder, and salt.
In a large mixing bowl, beat together the melted unsalted butter and granulated sugar until light and fluffy.
Add the eggs one at a time, mixing well after each addition. Stir in the vanilla extract.
Gradually add the dry ingredient mixture to the butter mixture, alternating with the buttermilk.
Gently fold the rainbow sprinkles into the batter.
Divide the batter evenly between the prepared cake pans. Bake for 25-30 minutes.
Let the cakes cool in the pans for about 10 minutes, then turn them out onto a cooling rack to cool completely.
In a large bowl, beat the softened unsalted butter until creamy. Gradually add the powdered sugar and cocoa powder, mixing well.
Pour in the heavy whipping cream and vanilla extract, and beat until the frosting is smooth.
Place one cake layer on a serving platter, spread frosting on top, then place the second layer on top and frost the top and sides.
Decorate with additional sprinkles as desired.