Arch Labs Raises $7M for Next-Gen Native Platform

Pioneering technology startup Arch Labs has raised an incredible $7 million in early finance, led by the esteemed Multicoin Capital, in an unprecedented move. This funding round is expected to support the development of Arch, a cutting-edge Bitcoin platform committed to transforming decentralized finance (DeFi) independently of third-party networks. Prominent investors like OKX Ventures and Portal Ventures joined Multicoin in this audacious investment endeavor.

Bitcoin’s Evolution

The introduction of Ordinals and the Taproot update are only two recent developments in Bitcoin that have greatly broadened its potential. The aforementioned advancements have endowed Bitcoin with the capacity to execute smart contracts and incorporate a wide range of data directly into transactions. Forming the cornerstone of Arch, these improvements provide a dedicated virtual machine, ArchVM, which enables large-scale applications directly on Bitcoin’s unchangeable ledger.

Matt Mudano, co-founder of Arch, emphasized the pivotal role of Ordinals in Bitcoin’s journey towards versatility. “Ordinals marked a foundational shift in Bitcoin’s evolution,” he remarked. “It signaled the beginning of a new era where Bitcoin could serve as more than just a payment ledger.” Mudano highlighted Arch’s mission to leverage Bitcoin’s unparalleled security and liquidity to forge a new frontier in application development.

In stark contrast to conventional Layer 2 solutions requiring asset bridging, Arch stands firm in preserving Bitcoin’s original ethos. By offering a seamless trading experience devoid of bridges, Arch ensures the integrity of Bitcoin’s core principles. This feat is accomplished through a robust proof-of-stake network and zero-knowledge proofs, guaranteeing secure and frictionless operation within Bitcoin’s ecosystem. Arch’s platform not only fortifies Bitcoin’s security and liquidity but also facilitates rapid and fully auditable decentralized applications.

Armed with the freshly raised funds, Arch is poised for expansion. Plans include bolstering the development team and gearing up for the mainnet launch slated for the latter half of 2024. The company remains steadfast in nurturing its burgeoning app ecosystem, currently harboring over 20 projects in stealth mode. These ventures span diverse domains such as stablecoins and decentralized exchanges, epitomizing the breadth of possibilities within the Bitcoin realm. Additionally, Arch is committed to fostering community engagement through upcoming hackathons and grant programs, fostering a culture of innovation and collaboration within the Bitcoin community.