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Fortune
Fortune
Catherine McGrath

Exclusive: Bitcoin infrastructure company Arch Labs raises $13 million from Pantera Capital to launch Arch Virtual Machine

ARCH Bitcoin Pantera Capital Crypto Ethereum blockchain Solana
(Credit: Courtesy of Arch)

Bitcoin is known by crypto insiders for being more decentralized and secure than other blockchains. Because of this, it is also known as the most difficult blockchain for developers to build applications on. While other chains like Ethereum and Solana can facilitate crypto loans, NFTs, and memecoins using smart contracts, Bitcoin is mostly used to process simple transactions. 

Matt Mudano, CEO of Arch Labs, is trying to change that by launching Arch Virtual Machine, or ArchVM. On Tuesday, the company announced a $13 million Series A funding round led by Pantera Capital with additional participation from Multicoin Capital. The round values Arch Labs at $200 million. 

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