Alpen Labs Gets $10.6M for Bitcoin Scaling with ZK Tech

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Alpen Labs came out of hiding and revealed they’ve secured a $10.6 million investment. In 2023, Ribbit Capital spearheaded this seed funding round for Alpen Labs, allowing them to grow their team of cryptography experts and engineers.

Prominent investors in Alpen Labs are Castle Island Ventures, Geometry Research, Stillmark, Village Global, Robot Ventures, and some private investors. Over the past year, this company has been working on creating Bitcoin rollup technology to enable smart contracts.

At Alpen Labs, we’re working on solving issues surrounding privacy and capacity on the Bitcoin network through zero-knowledge proofs (ZKPs). Essentially, ZKPs confirm the validity of data while keeping the actual content a secret.

At Alpen Labs, we’re employing zero-knowledge tech to streamline running big Bitcoin programs by dividing them into smaller, more manageable pieces involving digital signature verification. This method enhances the network’s capacity.

Alongside Zero-Knowledge Proofs (ZKPs), Alpen Labs is working on creating Bitcoin roll-up infrastructure. This innovative setup enables bundling multiple transactions into a single one on the blockchain. The company aims to unveil a testnet for its roll-up platform in the year 2024, offering more insights about their specific roll-up solution.

“According to Simanta Gautam, the CEO of Alpen Labs, we picture a flexible and expandable Bitcoin layer 2 platform as an ideal venue for financial applications – ranging from transactions and lending to custody services, stablecoins, and innovative uses still to be discovered,”.

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2024-04-11 13:24