Tether backs Ark Labs $5.2 million seed raise to expand stablecoin and programmable finance infrastructure on Bitcoin

Ark Labs has raised $5.2 million in a seed funding round to expand infrastructure for programmable financial applications on Bitcoin (BTC), with backing from Tether and other investors. The funding will support the growth of the Ark Labs team and the expansion of its flagship platform, Arkade, which enables programmable transactions settled on Bitcoin. Arkade utilizes Virtual Transaction Outputs (VTXOs) to allow for offchain transactions while maintaining the security of the Bitcoin blockchain. The company aims to bring stablecoin and Bitcoin liquidity together, addressing the limitations in Bitcoin's programmability that have historically pushed financial applications to other blockchains. Tether CEO Paolo Ardoino emphasized the importance of expanding stablecoin infrastructure on Bitcoin for greater financial inclusion and efficiency.

(Source：The Block)