Arch Labs, known for developing the innovative Bitcoin-native software system called Arch network, recently secured $7 million in a seed funding round. The round was spearheaded by Multicoin Capital, with notable participation from Bullivant Portale Ventures, OKX Ventures, Big Brand Holdings, among others.
Capitalizing on Bitcoin’s Capabilities
This substantial investment will support the foundational development stages of Arch Labs’ operations and facilitate the upcoming mainnet launch, targeted for the second half of 2024. Arch’s platform leverages advanced Bitcoin protocols, Taproot and Ordinals, to enable decentralized and bridgeless trading directly on the Bitcoin blockchain.
Enhanced Trading Performance
Matt Mudano, Co-founder of Arch Labs, highlighted the distinctiveness of their technology compared to other layer 2 solutions, which often navigate trade-offs between usability and security. Arch’s approach allows the functionality of native Bitcoin apps to operate as quickly and securely as any leading technology in the market today. The Arch Network aims to boost its performance using zk-proofs as a security mechanism, ensuring that transactions are both swift and secure.
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Development on ArchVM
Additionally, the Rust zkVM (ArchVM) is set to empower developers to build secure, scalable applications while maintaining the principles of the core Bitcoin ethos. This development environment aligns with Bitcoin’s decentralized nature, offering tools and frameworks for enhanced application security and performance.
Expanding Ecosystem
The Arch test network is currently home to over twenty privately-funded technological projects, demonstrating the robust interest and diverse potential of this platform. These projects cover a wide array of applications, including decentralized exchanges, stablecoins, derivatives markets, decentralized lending platforms, and various other permissionless blockchain innovations.
This funding marks a significant milestone for Arch Labs, positioning it as a pivotal player in extending Bitcoin’s utility beyond a pure payment system to a more diverse financial ecosystem.
