Trust Machines seeks to bring Web 3.0 to Bitcoin with latest $150M raise
Trust Machines, a blockchain startup founded by Stacks founder Muneeb Ali and Princeton University computer science professor J.P. Singh, has secured $150 million in its latest funding round featuring investors Breyer Capital, Digital Currency Group, GoldenTree, Union Square Ventures, and more.
With the latest capital, the company seeks to expand Bitcoin capabilities “from being only a passive store of value to being the final settlement layer for a powerful new computational platform.”
Trust Machines is currently building an ecosystem of Bitcoin applications and expanding Bitcoin’s potential to decentralized finance (DeFi) applications, NFTs, and Web 3.0., a space largely dominated by the Ethereum network.
According to the announcement, Trust Machine will build upon the success of Stacks, a programming layer for Bitcoin founded by Muneeb Ali and Ryan Shea in 2014. Stacks, rebranded from Blockstacks, allows users to build smart contracts and decentralized applications by connecting to Bitcoin.
Ali noted in the press release issued Thursday:
“With the early foundation built, it’s time to concentrate on unlocking the next level of applications and platform technology on Bitcoin, enhancing the platforms for speed, scale and functionality, and making Bitcoin apps a reality for hundreds of millions of users. This is why we launched Trust Machines.”
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
