The developer Bitcoin Decentralized Finance (DEFI), Arch Labs, has raised $ 13 million in funding towards the construction of “Archvm”, which, according to the developers, will provide intelligent contracts on the original blockchain.
The financing tour, which estimated the company at $ 200 million, was led by Pantera Capital, according to an announcement on Tuesday.
Arch plans to allow applications and protocols natively decentralized on Bitcoin.
Archvm will manage the off-chain calculations to allow “intelligent Turing-Complete contracts to the Bitcoin base layer” and provide Solana-type transaction speeds, said Arch Labs in the ad.
The objective of introducing intelligent Bitcoin contracts began to come together in October with the release of BITVM computer language.
Many projects now use BITVM as a basis for providing intelligent contracts to Bitvcoin via networks or layer bridges 2. The architect’s objective is to avoid the need to fill the assets of layer-2, which could present additional risks.
