May 22, 2024
Bitcoin News

Alpen Labs Raises $10.6 Million to Scale Bitcoin with Zero-Knowledge Proofs

Bitcoin layer-2 developer Alpen Labs has secured $10.6 million in funding and is poised to scale the blockchain of the world’s largest cryptocurrency using zero-knowledge proofs. Following the successful funding round, Alpen Labs has emerged from stealth mode, revealing its ambitious plans to enhance the functionality of the Bitcoin network.

Revolutionizing Bitcoin’s Infrastructure

Alpen Labs has spent the past year constructing Bitcoin rollup infrastructure, with the goal of introducing smart contract capabilities to the network. The rollup concept is intended to optimize transaction processing by aggregating them off-chain and settling them on the main blockchain, resulting in increased speed and lower costs.

The $10.6 million seed round was led by Ribbit Capital and saw participation from notable investors such as Castle Island Ventures, Robot Ventures, and Axiom Capital. This substantial investment underscores the growing interest in advancing Bitcoin’s infrastructure to unlock new possibilities for the cryptocurrency.

Zero-knowledge technology, integral to Alpen Labs’ strategy, facilitates secure and efficient data transfer between parties, providing a crucial mechanism for scaling blockchains.

While Bitcoin has historically prioritized simplicity for security reasons, the recent developments in protocols like Ordinals and innovations such as Robin Linus’s BitVM highlight a shifting landscape, showcasing a growing appetite for expanding Bitcoin’s utility beyond its traditional capabilities.

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