Bitcoin technology firm Alpen Labs officially surfaces, securing $10.6 million to expand operations and scale Bitcoin utilizing Zero-Knowledge Rollups.
Alpen Labs, a blockchain infrastructure company, has emerged from stealth with a significant $10.6 million funding round. The funding round was led by Rabbit Capital, with participation from Castle Island Ventures, Geometry Research, Village Global, Stillmark, Paxos, Robot Ventures, Axiom, and others.
The funding will be used to develop Alpen Labs' programmable layer on Bitcoin. The company aims to bring more utility to Bitcoin by leveraging zero-knowledge rollups to power new applications on the network. This evolution of Bitcoin into a decentralised app (dApp) network is a notable development in the crypto industry.
The diversification of Bitcoin began around a year ago with the launch of Ordinals Market, which brought Non-Fungible Tokens (NFTs) to Bitcoin. Since then, the Bitcoin Network has grown to accommodate multiple Web3 startups and the introduction of new token standards, such as BRC-20. The launch of DeFi protocols on the Bitcoin Network is a testament to its growing capabilities.
Alpen Labs believes that zero-knowledge proofs can expand the utility of Bitcoin. By implementing a Layer-2 solution on Bitcoin using Rollup technologies and zero-knowledge proofs, the company is building a platform that will enable on-chain payments, security deposits, stablecoins, and verifiable proofs. This platform will be unveiled in due course and will continue to develop publicly.
The team leading Alpen Labs has experience from Blockstream Research, Nethermind, Aleo, Palantir, and MIT. Their expertise in blockchain technology and infrastructure is expected to drive the development of this innovative platform.
The diversification of Bitcoin has led to the development of a more robust ecosystem. With the addition of new startups, token standards, and applications, the Bitcoin Network is poised for continued growth and innovation.
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