Bitcoin could be the most valuable asset in crypto, worth more than $2 trillion. However, using it for things that exceed payments is still a hassle. Developers looking to build Defi apps or Mint NFTs should rely on centralized exchanges and nasty bridges to other blockchains. This often adds unnecessary risks and friction.
Bitcoin Infrastructure Startup Arch Labs is working to fix it. The startup raised a $13 million Series A round led by Pantera Capital, raising its total funding to $20 million and pushing its valuation to $20 million. the goal? To make Bitcoin programmable without compromising on reliable core principles in the first place.
The $13 million Series Arch Labs’ driving force to make Bitcoin programmable
At the heart of this effort is ArchVM, a virtual machine that allows developers to build applications like smart contracts directly into the Bitcoin base layer without a bridge or wrapper. Think decentralized swaps, lending, Bitcoin-backed stubcoin, NFT, and even games all in all.
The funding comes just before the launch of Arch Network’s mainnet, which is expected this summer. At launch, users can expect a variety of on-chain applications built directly on all Bitcoin, including AMM swaps, lending platforms, DAOs, and gaming integrations.
“The possibilities for Bitcoin are always immeasurable, but its programmerity remains limited by design,” said Matt Mudano, CEO of Arch Labs. “With Arch, we are implementing solutions that significantly expand our capabilities while respecting the fundamental principles of Bitcoin. With a focus on liquidity, user experience and security, Arch is exploiting the full potential of Bitcoin as a programmable financial system.”
Pantera Capital led the latest round with participation from existing supporters such as Multicoin Capital, Portal Ventures, OKX Ventures, CMS Holdings, Tangent and Big Brain Holdings.
Franklin BI, general partner at Pantera Capital, added: “By introducing the smart contract functionality directly into Bitcoin’s Layer 1, Arch creates a critical execution platform that will enhance existing frameworks in Bitcoin, instead of splitting their properties and possibilities.
So, how does it work?
The architecture of Arch is made up of three parts:
ARCHVM: A custom virtual machine that supports state changes and complex chain calculations. Like what developers ingest in Solana, they can use high throughput to Turing complex contracts with Bitcoin.
Decentralized Verification Equipment Network: Uses proof stake consensus to coordinate and finalize smart contract interactions while maintaining decentralization.
Frost + Roast Multisig: The first real-world implementation of these advanced signature schemes enables secure multi-party key management without a single obstacle.
This setup allows developers to deploy applications that tap directly on Bitcoin liquidity and security without the need to bridge assets elsewhere. Assets remain in the basic layer of Bitcoin and can communicate with other programs on the network.
Arch Labs bets that this kind of simplicity will appeal to builders who wanted to do more with Bitcoin without leaving Bitcoin. And with new funding, teams have the resources to push that vision into reality.
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