Arch Labs Secures $13 Million for Bitcoin Smart Contract Development
Arch Labs, a Bitcoin DeFi developer, secured $13 million in funding to develop "ArchVM," aimed at providing smart contract functionality directly on the Bitcoin blockchain. The company is valued at $200 million, with Pantera Capital leading the funding round.
- ArchVM will facilitate off-chain computations for Turing-complete smart contracts at the Bitcoin base layer.
- The system aims for transaction speeds comparable to Solana.
- This initiative follows the introduction of the BitVM computing language in October, which supports decentralized applications and protocols on Bitcoin.
- Arch aims to eliminate the need to bridge assets to layer-2 networks, reducing associated risks.