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Arch Labs Raises $13M in Funding for Bitcoin-Based Smart Contracts
The funding round, which valued Arch Labs at $200 million, was led by Pantera Capital.
What to know:
- Arch Labs raised $13 million in funding toward building "ArchVM," which could provide smart-contract functionality on Bitcoin.
- Arch wants to enable decentralized applications and protocols native to Bitcoin, avoiding the need to bridge assets to layer-2 networks, which could present additional risks.
- ArchVM will handle off-chain computations to enable "Turing-complete smart contracts at the Bitcoin base layer" and provide Solana-like transaction speeds.
Bitcoin decentralized finance (DeFi) developer Arch Labs raised $13 million in funding toward building "ArchVM," which the developers say will provide smart-contract functionality on the original blockchain.
The funding round, which valued the company at $200 million, was led by Pantera Capital, according to an announcement on Tuesday.
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Arch's plans to enable decentralized applications and protocols natively on Bitcoin.
ArchVM will handle off-chain computations to enable "Turing-complete smart contracts at the Bitcoin base layer" and provide Solana-like transaction speeds, Arch Labs said in the announcement.
The goal of introducing smart contracts to Bitcoin began to gather steam in October with the release of the BitVM computing language.
Numerous projects are now using BitVM as the basis for bringing smart contracts to Bitvcoin via layer-2 networks or bridges. Arch's aim is to avoid the need to bridge assets to layer-2s, which could present additional risks.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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