All Updates

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Funding
Arch Labs raises USD 7 million in seed funding
Decentralized Finance (DeFi)
May 9, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

May 9, 2024

Arch Labs raises USD 7 million in seed funding

Funding

  • Arch Labs, the company behind the Arch Network, a Bitcoin-based application-building platform, has raised USD 7 million in seed funding led by Multicoin Capital, with participation from Portal Ventures, OKX Ventures, Big Brain Holdings, CMS Holdings, Tangent, Cypher and Newman Capital, among others.

  • The company plans to use the funding to expand its core development team and support the launch of the Arch Network in 2H 2024.

  • Arch Labs offers a parallelized, proof-of-stake network called the "Arch Network," which enables users to build decentralized applications native to the Bitcoin blockchain. The network features a Rust-based virtual machine that leverages zero-knowledge (zk) proofs and a decentralized verifier network to allow users to interact with applications directly on the Bitcoin blockchain without bridging over from other layer-2 networks.

  • Analyst QuickTake: The Bitcoin layer-2 space has seen a large influx in investor interest, with companies such as ZKM and Botanix Labs raising USD 5 million and USD 8.5 million , respectively, within the past week. However, Arch Labs has notably differentiated itself from its layer-2 competitors by enabling developers to build applications native to the Bitcoin blockchain without bridging their assets onto a separate layer-2 network. This enables users to access DeFi services such as lending, trading, and staking while benefiting from the added security and decentralization of the Bitcoin blockchain.

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