Trust Machines, a new venture co-founded by Stacks inventor Muneeb Ali and Princeton University Computer Science professor, JP Singh, has recently raised $150 million to expand the Bitcoin ecosystem as a Web3 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 “unlock Bitcoin’s potential as a final settlement layer for computing platforms and applications.”
Trust Machines will be built on the latest success of Ali’s Stacks, a project building smart contract layers on the Bitcoin blockchain to make the ecosystem a platform for Web 3 apps.
Per the press release, while Bitcoin remains the largest and most popular cryptocurrency protocol in the industry, other blockchain networks have dominated the rapidly growing NFTs, DeFi, and metaverse space, leaving the asset to be used only as a store of value.
Trust Machines intends to change that narrative to make Bitcoin a productive, less passive asset, create programmatic demand for it, and grow a dominant ecosystem of cutting-edge apps and technologies on its blockchain across various industries.
Commenting on the fundraising, Ali said,
“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 and, with the backing of our terrific investors, we’re excited to take on this challenge.”
Trust Machines received investments from notable industry 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 accomplished a great deal already by making Bitcoin programmable with use cases like lending applications and DAOs. We’re excited to support Trust Machines and their mission to help Bitcoin reach its potential.”
Meanwhile, Ali revealed that the company currently has over 15 job openings for Bitcoin developers who would like to join its team and work towards achieving the goals of Trust Machines.