Ark Labs has successfully raised $2.5 million in pre-seed funding, led by renowned venture capitalist Tim Draper and Draper Associates. The round also saw contributions from Fulgur Ventures, Axiom Capital, and angel investor Stephen Cole. The funds will be used to advance the Ark protocol, designed to simplify and streamline bitcoin payments for global commerce.
Ark Labs, founded in May, aims to revolutionize bitcoin payments through its innovative protocol. The Ark protocol addresses the complexities of bitcoin transactions with its user-friendly, non-custodial system, allowing users to send and receive payments with ease, without needing deep technical knowledge or reliance on custodial services.
Tim Draper emphasized the potential of Ark Labs, stating, “Soon many people around the world will live on the Bitcoin standard. Today, we have to focus not only on how to buy and store bitcoin but how to use it as a medium of exchange for everyday purposes.” He praised Ark’s approach, which aligns with principles of decentralization and self-custody.
The new funding will drive the development of the Ark protocol, support team growth, and facilitate strategic partnerships with merchants and developers. Ark Labs will focus on consumer payments, complementing the Lightning Network, which targets enterprise-level applications. Additionally, the funds will aid in the development of Ark Node, a bitcoin wallet scheduled for beta release in September.
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