Alpen Labs Emerges From Stealth, Raises $10.6M Funding To Advance Its Bitcoin L2 Scaling Solution
In Brief
Alpen Labs raised $10.6 million in a funding to build modular rollup on Bitcoin and introduce Bitcoin-based financial systems.
Bitcoin Layer 2 scaling solution developer Alpen Labs raised $10.6 million in a funding round led by Ribbit Capital, Castle Island Ventures, Robot Ventures, Axiom Capital, Geometry Research, Village Global, Stillmark, Paxos, Robot Ventures, and Axiom with contributions from individual investors such as John Pfeffer, Ben Davenport, Charles Cascarilla, Waikit Lau, Eric Lau, and others.
Alpen Labs is building a modular rollup on Bitcoin, enabling the creation of applications that enhance global financial inclusion and introduce Bitcoin-based financial systems. The company is focused on establishing a Bitcoin-driven economy by developing a scalable, private, and programmable Bitcoin ecosystem, leveraging zero-knowledge (ZK) cryptography and off-chain solutions.
According to Alpen Labs, currently, blockchains are anticipated to handle both execution and verification simultaneously. Meanwhile, ZK cryptography enables blockchains to focus solely on verification. By eliminating the complexities of execution from the “base layer,” blockchains can solidify as minimalist, censorship-resistant, and highly decentralized structures that offer cryptoeconomic trust. With its minimalist design, Bitcoin will thrive in extending its cryptoeconomic trust to secure applications that facilitate privacy, programmability, and scalability.
Alpen Labs Plans to Change Bitcoin Rollup Infrastructure Thanks to Smart Contract Capabilities
Alpen Labs is a startup headquartered in New York, established in 2022 by four alumni from the Massachusetts Institute of Technology (MIT). With the recent funding, the company has emerged from stealth mode after a year of dedicated work on Bitcoin rollup infrastructure to introduce smart contract capabilities to the network. Alpen Labs focuses its research and development endeavors on various projects, including the Optimistic ZK bridge for Bitcoin, native ZK proof verifiers on Bitcoin, and scalable payments with ZK client side validation protocols.
At present, Alpen Labs, consisting of cryptographers, engineers, and entrepreneurs, is in the process of expanding its workforce to strengthen development endeavors. Additionally, it aims to establish new partnerships to advance its objectives and accelerate the evolution of its network.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
