Arch Labs, the creator of the Bitcoin-native software platform Arch network, secured $7 million in funding from Multicoin Capital in a seed round. Other investors in the initial funding round included Bullivant Portale Ventures, OKX Ventures, Big Brand Holdings, among others. This investment paves the way for the development of Arch and the planned launch of its mainnet in the latter part of 2024.

Utilizing Taproot and Ordinals protocols, Arch's platform enables decentralized, bridgeless trading on the Bitcoin blockchain. Co-founder Matt Mudano emphasized that Arch's technology distinguishes itself from other layer 2 protocols by offering a balance between usability and security. Native Bitcoin dApps can be accessed as efficiently and securely as with any other technology available, with the option to enhance the Arch Network's performance using zk-proofs as a security mechanism.

With the Rust zkVM (ArchVM), developers can build secure applications while embodying the fundamental ethos of Bitcoin. Over twenty privately-funded tech projects are already contributing to experiments on the Arch test network. These projects encompass various sectors such as decentralized exchange, stablecoins, derivatives markets, decentralized lending, and permissionless blockchains.