New Funding to Accelerate Development of Bitcoin ZK Rollup Strata
Alpen Labs, a bitcoin infrastructure company announced that it has completed an $8.5 million strategic financing led by the Cyber Fund and DBA. The biggest investors in Alpen’s initial funding round, Ribbit Capital, Castle Island Ventures, and Geometry also backed the company in this round.
With the help of this funding round, the company is looking to expedite the development of its bitcoin ZK Rollup, Strata. Strata’s mainnet is planned for 2025 and it will be introduced as an open platform.
As an open platform, Alpen Labs hopes that it will encourage and increase the use of bitcoin through a series of useful features for bitcoin, such as easy self-custody, user-friendly and private payments, interoperability, stablecoins, bitcoin-backed lending, and numerous other on-chain uses.
Strata will be accessible to the general public from February via its upcoming testnet with developers enjoying early access to the platform through the devnet access. Alpen Labs shared their excitement, stating:
“We are thrilled to have collaborators across the industry participating in this round to support the development and launch of Strata. We saw an opportunity at the intersection of computing through zero-knowledge proofs and money through bitcoin. This round will help us supercharge the development and launch of Strata into mainnet in 2025.”
