Arch Labs $7 Million to Develop Bitcoin-Native Application Platform
Arch Labs has secured a $7 million investment to develop a Bitcoin-native application platform.
The seed funding round was led by Multicoin Capital with other participants and contributors including Portal Ventures, OKX Ventures, Big Brain Holdings, CMS Holdings, Tangent, Cypher, and Newman Capital.
Arch is proud to be building and innovating in the Bitcoin ecosystem, alongside some of the industry's top funds and strategic partners.
Announcing the closing of our seed round led by @multicoincap, hear what they have to say about us:
"Arch Network's emergence is a direct… pic.twitter.com/jT6Qy6a45y
— Arch Network (@ArchNtwrk) May 9, 2024
The company planned to utilize this fund to advance Arch’s development of decentralized finance (DeFi) applications directly on the Bitcoin blockchain, bypassing the need for secondary layers or bridges.
The reliance on secondary layers often complicates the user experience and compromise the inherent security benefits of operating directly on the Bitcoin network.
“Ordinals marked a foundational shift in Bitcoin’s evolution. It signaled the beginning of a new era where Bitcoin could serve as more than just a payment ledger,” said Arch co-founder and CEO Matt Mudano.
“This moment paved the way for Arch,” stated Mudano. “We’re building on Bitcoin’s unmatched security and liquidity to unlock an entirely new application ecosystem on the world’s more secure and liquid blockchain.”
The funds were raised primarily for the expansion of the platform’s development team. By bringing on additional skilled developers, Arch Labs aims to accelerate the creation and refinement of decentralized applications.
Arch is a parallelized, proof-of-stake that features a Rust-based zkVM, known as the ArchVM, and a
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