2 weeks ago
Bitcoin decentralized finance (DeFi) developer Arch Labs raised $13 cardinal successful backing toward gathering "ArchVM," which the developers accidental volition supply smart-contract functionality connected the archetypal blockchain.
The backing round, which valued the institution astatine $200 million, was led by Pantera Capital, according to an announcement connected Tuesday.
Arch's plans to alteration decentralized applications and protocols natively connected Bitcoin.
ArchVM volition grip off-chain computations to alteration "Turing-complete astute contracts astatine the Bitcoin basal layer" and supply Solana-like transaction speeds, Arch Labs said successful the announcement.
The extremity of introducing astute contracts to Bitcoin began to stitchery steam successful October with the merchandise of the BitVM computing language.
Numerous projects are present utilizing BitVM arsenic the ground for bringing astute contracts to Bitvcoin via layer-2 networks oregon bridges. Arch's purpose is to debar the request to span assets to layer-2s, which could contiguous further risks.
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