Arch Labs, a Bitcoin-native application platform, raised $7m in seed funding.
The round was led by Multicoin Capital with participation from OKX Ventures, Portal Ventures, Big Brain Holdings, CMS Holdings, and Tangent.
The company intends to use the funds to hire additional core developers, help launch the Arch Network into mainnet in H2 2024 and continue to support its app ecosystem.
Led by Matt Mudano, Arch is advancing a Bitcoin-native application platform bringing “bridgeless” trading directly to the Bitcoin blockchain. The Arch Network is a parallelized, proof-of-stake network that uses zk-proofs to enhance Bticoin-native programmability. The network consists of a Rust-based zkVM, called the ArchVM, and a decentralized verifier network. Together, these components form a trustless execution environment directly within the Bitcoin blockchain that allows for bridgeless trading experiences.
FinSMEs
15/05/2024