- Alpen Labs revealed $10.6 million in previous fundraising on Wednesday, coming out of stealth.
- The company wants to use rollups and zero-knowledge proofs to help the Bitcoin network overcome its scaling problems.
On Wednesday, Alpen Labs, a firm using rollups and zero-knowledge technology to scale Bitcoin, came out of stealth and revealed that it had previously raised $10.6 million.
Venture capital firm Ribbit Capital sponsored a seed fundraising round for Alpen in 2023, which the company utilized to expand its team of engineers and cryptographers.
Other investors in Alpen Labs include Axiom Capital, WillowTree Investments, Castle Island Ventures, Geometry Research, Stillmark, Village Global, Robot Ventures, John Pfeffer, Charlie Songhurst, Charles Cascarilla, Ben Davenport, Ashwin Ramachandran, Waitkit Lau, and others.
Alpen Labs uses zero-knowledge proofs (ZKPs) to assist solve a number of issues with the Bitcoin network, including scalability, privacy, and programmability.
ZKPs validate data while keeping details about the data private. Alpen hopes to help grow the network by dividing the complex jobs of executing massive programs on Bitcoin into smaller, more manageable chores of validating digital signatures, using zero-knowledge technology, the business announced in a release.
Moreover, Alpen Labs is creating Bitcoin rollup infrastructure, a blockchain feature that allows multiple transactions to be combined into a single one. With a testnet launch scheduled for some time in 2024, the company plans to shortly provide additional details about its rollup ecosystem.
Alpen Labs Co-Founder and CEO Simanta Gautam stated in a release, “We envision a programmable, scalable Layer 2 ecosystem on Bitcoin as the best place for on-chain finance: from payments to lending, custody, stablecoins and use cases not-yet-imagined.”
Alpen Labs sees a number of end products, including overcollateralized borrowing on Bitcoin, hashrate futures for miners, applications that offer trust-minimized yield on Bitcoin, and BTC-collateralized stablecoins.
With over a trillion dollars saved in Bitcoin, we think it has a great deal of potential to bring about a better financial future with unparalleled appeal on a worldwide scale,” stated Justin Saslaw of Ribbit Capital in a statement.
The Alpen team is assisting in opening doors for application-level creativity and growth, for a more dynamic and inclusive financial environment, by giving Bitcoin additional scalability, expressivity, and privacy.
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.
