TechFlow news, April 22 — According to Chainwire, Arch Labs, a blockchain infrastructure development company, has raised $13 million in a Series A funding round, achieving a $200 million valuation. The round was led by Pantera Capital. Funds will be used to accelerate the development and launch of ArchVM, a virtual machine that enables smart contract functionality on Bitcoin.
ArchVM will bring programmable multi-signature support, cross-program calls, and composability between applications to Bitcoin, allowing decentralized applications and protocols to run natively within the Bitcoin ecosystem. The project has already processed over 50 million transactions on its testnet and plans to launch its mainnet this summer.
Earlier, Arch Labs raised $7 million in a funding round led by Multicoin Capital, with participation from OKX Ventures, Portal Ventures, and other institutions.
