Arch Labs Raises $7 Million in Seed Funding Round for Bitcoin-Native Application Platform
Arch Labs, the team behind the Bitcoin-native application platform, has raised $7 million in a seed funding round. Multicoin Capital led the round in a rare Bitcoin deal for the venture capital firm. Other investors in the round included Portal Ventures, OKX Ventures, Big Brain Holdings, CMS Holdings, and Tangent, said Thursday.
Extraordinary Investor Interest
It began raising for the round in March and closed it quickly in April due to an “extraordinary” amount of investor interest, Matt Mudano, co-founder, told The Block. The round was structured as a simple agreement for future equity (SAFE) with token warrants, Mudano said, declining to comment on the valuation.
What is Arch?
It claims to be the first Bitcoin-native application platform, bringing “bridgeless” trading directly to the Bitcoin blockchain. Mudano emphasized that it is not a Bitcoin Layer 2 network like dozens of others but is a Bitcoin-native application platform.
Seamless Deployment and User Experience
Developers can deploy applications on the platform “pretty seamlessly,” according to Mudano. The ArchVM is built completely in Rust, a programming language also used by Solana and is easier to master than Bitcoin script, Mudano said. It is “largely inspired by Solana,” he added.
Several projects within the Bitcoin ecosystem have already started migrating to Arch, Mudano said, adding that more than 20 stealth-stage projects across stablecoins, decentralized exchanges, borrow/lend markets, and more, are building on Arch’s devnet.
Future Plans and Support for the Bitcoin Ecosystem
The next phase of rollout is a public devnet, followed by its mainnet launch sometime in the second half of this year. The Arch Foundation also plans to support the Bitcoin ecosystem through upcoming hackathon and grant programs.
Wrap Up!
With a strong investor interest and backing from notable firms like Multicoin Capital and Portal Ventures, It is poised to revolutionize the Bitcoin ecosystem. Offering a bridgeless trading experience directly on the Bitcoin blockchain, It provides developers with a seamless deployment process and users with an intuitive experience.
Leveraging Rust programming language and drawing inspiration from successful projects like Solana, Arch positions itself as a pioneering force within the industry. As it prepares for its public devnet launch and mainnet rollout later this year, It is set to catalyze innovation and support the broader Bitcoin ecosystem through hackathons and grant programs, shaping the future landscape of decentralized finance.
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