Arch Labs Details $13M Raise Allocation for Bitcoin Virtual Machine Development
Arch Labs has raised $13 million in a Series A funding round led by Pantera Capital. The funds will be used to develop a bitcoin virtual machine aimed at enhancing on-chain activity and creating a composable ecosystem for Bitcoin applications.
Key points include:
- The funding will help scale the engineering team, grow the ecosystem, and increase developer adoption.
- Arch Labs plans to launch a native token for gas and staking, which will secure the network through aligned incentives.
- CEO Matt Mudano emphasized the need for thoughtful timing and strategy amidst market uncertainties.
The focus is on infrastructure as Arch Labs prepares for its mainnet launch.