Blockchain Infrastructure Development Company Arch Labs Completes $13 Million Series A Funding Round, Lead by Pantera Capital

BlockBeats News, April 22, according to Chainwire, blockchain infrastructure development company Arch Labs has completed a $13 million Series A funding round, with a valuation of $2 billion. This round of funding was led by Pantera Capital.

The funding will be used to accelerate the development and launch of ArchVM, a virtual machine that will enable smart contract functionality on Bitcoin. ArchVM will bring programmable multi-signature, cross-program invocation, and inter-application composability to Bitcoin, allowing decentralized applications and protocols to run natively on the Bitcoin ecosystem. The project has already processed over 50 million transactions on the testnet and is planning to launch its mainnet this summer. Arch Labs had previously raised $7 million in funding led by Multicoin Capital, with participation from OKX Ventures, Portal Ventures, and other institutions.