Trust Machines Bags $150m Funding, Boosts Web3 and BTC Apps Development
- Trust Machines has successfully raised $150 million.
- Trust Machines aims to create a powerful ecosystem of transformational apps.
- The network aims to unlock the potential of Bitcoin for Web 3.0 apps.
Web3 and Bitcoin application builder Trust Machines has successfully raised $150 million in funding. The funding will be used to expand and enhance the network’s technology for creating applications for Bitcoin and Web3. Investors such as Breyer Capital, Digital Currency Group, GoldenTree, Hivemind, and Union Square Ventures to name a few supported the funding.
Trust Machines aims to create a powerful Bitcoin ecosystem of transformational applications across many areas of finance, business, and society. In addition, the network also plans to build the largest ecosystem of Bitcoin applications and underlying platform technologies. Hence, it will expand Bitcoin to become a store of value and a platform for transformative Web3 applications.
Jim Breyer, founder and CEO of Breyer Capital and early Facebook (NASDAQ:) investor stated,
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.
Trust Machines is co-founded by two Princeton computer scientists, Dr. Muneeb Ali and Professor J.P. Singh. Both of them seek to truly unlock the potential of Bitcoin for Web 3.0 applications, showing that building on Bitcoin is not only a viable, but a superior choice. Ali is the CEO of Trust Machines.
Matt Zhang, founder of Hivemind Capital Partners— the $1.5 billion crypto-focused investment firm— explained,
While more institutions and retail investors are entering the realm of crypto through Bitcoin, the Bitcoin applications ecosystem is still in its infancy. Trust Machines represents a significant expansion of the types of utility we can imagine for Bitcoin where Bitcoin becomes a programmable L1 with web3 applications built for Bitcoin, and we are thrilled to support them.
On the other hand, the network is working on the opportunity to turn trillion dollars of Bitcoin into a productive rather than passive asset. It will include features such as creating a programmatic demand for Bitcoin and the transformation of many areas of finance, business, and society. Additionally, it will provide a new model of interaction, transaction and value creation for all.
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,” said Ali.
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