According to TechFlow, Arch Labs, the developer of Bitcoin native application platform Arch, announced the completion of a $7 million seed round of financing, led by Multicoin Capital, with participation from Portal Ventures, OKX Ventures, Big Brain Holdings, CMS Holdings and Tangent.
It is reported that Arch is a Bitcoin native application platform that aims to bring "bridgeless transactions" to the Bitcoin blockchain. Developers can easily deploy applications on Arch, and users can use them without downloading special wallets. Currently, several Bitcoin ecosystem projects have begun to migrate to Arch, and more than 20 stealth-stage projects are being built on the development network.
The next step is to launch a public development network, followed by a mainnet launch in the second half of this year, at which time an incentive points program will be launched to help boost the ecosystem. The Arch Foundation also plans to support the Bitcoin ecosystem through hackathons and grant programs.
