Arch Labs, the creators of Arch, a Bitcoin-native application platform facilitating bridgeless decentralised finance (DeFi) on Bitcoin (CRYPTO:BTC), secures a $7 million series seed round led by Multicoin Capital.

With support from other notable investors, Arch aims to bolster its core development team, propel the launch of the Arch Network into mainnet by the second half of 2024, and foster its growing app ecosystem.

Leveraging Taproot (CRYPTO:TAPROOT) upgrade and Ordinals, Arch pioneers a novel approach to enable direct, bridgeless trading on Bitcoin, circumventing the need for asset bridging that characterises other Bitcoin Layer 2 networks.

The Arch Network, powered by a parallelised proof-of-stake network and zk-proofs, promises to significantly enhance Bitcoin's capabilities, enabling secure and fully-verifiable applications directly on the Bitcoin blockchain.

As projects migrate to Arch, including Liquidium, excitement builds within the Bitcoin ecosystem, with the Arch Foundation planning to further support development through hackathons and grants.