PANews reported on August 23 that Ark Labs has successfully completed a $2.5 million Pre-Seed financing round led by well-known investor Tim Draper and his venture capital firm Draper Associates, with participation from Fulgur Ventures, Axiom Capital and angel investor Stephen Cole. The funds will be used to promote the development and promotion of the Ark protocol to simplify the user experience of Bitcoin payments and make it easier for merchants and consumers around the world to adopt. Ark uses decentralized Ark Service Providers (ASPs) to handle the complexity of Bitcoin transactions, allowing users to make payments and transfers more conveniently.
