Bitcoin Decentralized Finance (Defi) Developer Arch Labs collected $ 13 million in financing for building “Archvm”, the developers say they will offer smart contract functionality on the original blockchain.
The financing round, which the company appreciated at $ 200 million, was led by Pantera Capital, according to an announcement on Tuesday.
Arch’s plans to enable decentralized applications and protocols native on Bitcoin.
ARCHVM will handle off-chain calculations to enable Turing-Complete Smart Contracts with the Bitcoin Base Layer and to offer Solana-like transactions speeds, said Arch Labs in the announcement.
The aim of introducing smart contracts to Bitcoin began to collect steam in October with the release of the BITVM computer language.
Numerous projects now use BITVM as the basis for bringing smart contracts to Bitvcoin via Layer-2 networks or bridges. The aim of Arch is to prevent the need to bridge assets to low-2s, which can cause additional risks.
