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Jafrin Ahmed
Feb 4, 2022
by Jafrin Ahmed

Trust Machines Raises $150M to Expand Web3 on Bitcoin Network

Trust Machines $150 million
Trust Machines, co-founded by Stacks founder Muneeb Ali and Princeton University computer science professor J.P. Singh, has raised $150 million to build an ecosystem of applications designed to 'unlock the potential of Bitcoin' for Web3. Participating investors in the round included Breyer Capital, Digital Currency Group, GoldenTree, Hivemind, and Union Square Ventures.

According to an official announcement shared by Dr. Muneeb Ali, a new platform, Trust Machines, launches to develop decentralized applications of various types on the Bitcoin (BTC) network.

The latest platform will be built on the recent success of Stacks, a network that facilitates smart contracts that settles on the Bitcoin blockchain. The goal is to create the largest ecosystem of Bitcoin apps and grow the Bitcoin economy.

“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,” Ali said in the press release.

Growing the Bitcoin Blockchain

Trust Machines claims that the only reason other blockchains have been successful is their ability to run decentralized applications. For longer-term success, high-value applications should be built on Bitcoin as the final settlement layer, according to the company.

Trust Machines wishes to extend bitcoin from being just a passive store of value to being the final settlement layer for a powerful new computational platform. The company further plans to grow the new economy of applications powered by bitcoin and settle on the bitcoin blockchain.

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Trust Machines Raises $150M to Expand Web3 on Bitcoin Network
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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