Arch Labs, an inventor of the Bitcoin-native software system Arch network, raised $7 million in a seed round led by Multicoin Capital. The first round of investment included Bullivant Portale Ventures, OKX Ventures, Big Brand Holdings, and others.
This investment lays the foundation for Arch’s development and its mainnet launch, planned for the second half of 2024.
Arche’s platform exploits Taproot and Ordinals protocols to allow decentralized bridgeless trading on the Bitcoin blockchain.
Co-founder Matt Mudano stressed out that the technology Arch uses is different from those other layer 2 protocols with typical trade-offs between usability and security. It is possible to work with native Bitcoin dApps as fast and safely as with any other technology on the market. The performance of the Arch Network may be optimized by using zk-proofs as the security mechanism.
A Rust zkVM (ArchVM) allows developers to create secure applications while upholding the core Bitcoin ethos. All together there are already more than twenty privately-funded tech projects working on the Arch test network. These range from decentralized exchange to stablecoins, Derivatives markets, Decentralized lending, and an array of permissionless blockchains.
Also Read: Lava Foundation Secures $11M in Funding Ahead of Network Launch
