- After the fundraising round, Alpen Labs has come out of stealth mode.
- The company has been working for the past year to create Bitcoin rollup infrastructure so that the network may use smart contracts.
Since Ribbit Capital led a $10.6 million fundraising round, Alpen Labs has come out of stealth mode.
The Ethereum community is more closely linked with zero-knowledge technology, a kind of advancement that the Bitcoin community has traditionally opposed.
With $10.6 million in investment, Bitcoin layer-2 developer Alpen Labs hopes to extend the world’s largest cryptocurrency’s blockchain using zero-knowledge proofs.
After the fundraising round, Alpen Labs has come out of stealth mode. The company has been working for the past year to create Bitcoin rollup architecture, which would enable smart contract capability on the network.
Leading the $10.6 million seed round, Ribbit Capital received contributions from Axiom Capital, Robot Ventures, and Castle Island Ventures.
Zero-knowledge technology facilitates quick and secure data transfers between members and is used to expand blockchains through rollups. In order to aggregate transactions, rollup networks use a blockchain. These transactions are then settled on the main network. Speed should rise and latency should drop as a result.
Due to the core developers’ focus on maintaining network simplicity for security reasons, such advances have historically been comparatively absent from Bitcoin.
But early in 2023, the Ordinals protocol spread widely, and then Robin Linus’s BitVM was released, indicating that there was a desire for network improvement to make Bitcoin more useful.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
