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Trust Machines Raises $150 Million to Expand Bitcoin Network as a Web3 Platform


Trust Machines, a new venture co-founded by Stacks inventor Muneeb Ali and computer science professor JP Singh at Princeton University, recently raised $150 million to expand the Bitcoin ecosystem as a Web3 platform. Bitcoin becomes a Web 3 platform In a press release shared with CryptoPotato, the company noted that its goal is to create the largest ecosystem of BTC-based applications that “explore Bitcoin’s potential as a final settlement layer for computing platforms and – unlock applications.” Trust Machines will be built on the latest success of Ali’s Stacks, a project that builds smart contract layers on the Bitcoin blockchain to turn the ecosystem into a platform for Web 3 apps. According to the press release, while Bitcoin remains the largest and most popular cryptocurrency protocol in the industry, other blockchain networks have dominated the fast-growing NFTs, DeFi and metaverse space, allowing the asset to be used only as a store of value. Turning Bitcoin into a Productive Asset Trust Machines plans to change that narrative to turn Bitcoin into a productive, less passive asset, create programmatic demand for it, and build a dominant ecosystem of cutting-edge apps and technologies on its blockchain across industries. to let grow. Commenting on the fundraiser, Ali said: “With the early foundations built, it is time to focus on unlocking the next level of applications and platform technology on Bitcoin, improving the platforms for speed, scale and functionality. , and making Bitcoin apps a reality for hundreds of millions of users, which is why we launched Trust Machines and, with the support of our amazing investors, we are excited to take on this challenge.” Industry Investors Back Trust Machines Trust Machines received investments from notable industrial investors including Digital Currency Group, Breyer Capital, Hivemind, GoldenTree, Union Square Ventures and others Jim Breyer, the founder and CEO of Breyer Capital, said: “We believe that Bitcoin can be more than a store of value, it can also be the settlement layer and platform for Web 3. Muneeb and JP have already achieved a lot by making Bitcoin programmable with use cases such as lending applications and DAOs.We are excited to introduce Trust Machines and their mission to help Bitcoin reach its potential.” Meanwhile, Ali revealed that the company currently has more than 15 job openings for Bitcoin developers who want to join the team and work towards achieving Trust Machines’ goals. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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