Trust Machines Raises $150M in Funding to Expand Bitcoin as a Web 3 Platform
NEW YORK, NY / ACCESSWIRE / February 3, 2022 / Stacks Founder Muneeb Ali and Princeton Computer Science Professor JP Singh are launching Trust Machines to build the largest ecosystem of applications and platform technologies that unlock Bitcoin's potential as a final settlement layer for computing platforms and applications. Bitcoin solved the problem of trust without relying on centralized entities, thus transforming trust just as the Internet transformed communication and the Web transformed access. Bitcoin is the only blockchain to do this in a truly decentralized way, and hence to provide the open, permissionless access, transparent governance, and fixed supply system that this transformation of trust actually requires. However, so far Bitcoin has only been used as a store of value. Ethereum and other programmable blockchains have seen Web 3 applications developed on them which are already worth hundreds of billions of dollars today. Trust Machines finally brings such transformative applications and needed platform technologies to Bitcoin, which is by far the best settlement layer for applications of value. It will make Bitcoin a productive rather than a passive asset, create programmatic demand for Bitcoin, and grow a powerful ecosystem of transformational applications and platform technologies on it across many areas of finance, business and society.
Building upon the recent success of Stacks, a recent programming layer for Bitcoin, Trust Machines will expand Bitcoin to become not only a store of value but also a platform for transformative Web3 applications. The mission of Trust Machines is to build the largest ecosystem of Bitcoin applications and underlying platform technologies. Trust Machines has raised $150M from Breyer Capital, Digital Currency Group, GoldenTree, Hivemind, and Union Square Ventures among others.
"We believe that Bitcoin can be more than a store of value; it can also be the settlement layer and platform for Web 3. Muneeb and JP have accomplished a great deal already by making Bitcoin programmable with use cases like lending applications and DAOs. We're excited to support Trust Machines and their mission to help Bitcoin reach its potential." said Jim Breyer, founder and CEO of Breyer Capital and early Facebook investor.
Just as the internet transformed communication and the Web transformed access, Bitcoin transforms trust. We're entering a new era of computing that enables entirely new types of applications, and new ways of building existing applications, across many areas of human and societal endeavor. These applications have fundamental properties that were simply not possible to have before: open access without permission; transparent governance (without fear of opaque censorship, corruption, or rent-taking by centralized entities); and a novel, healthy incentive system that creates new business models and value for all.
Other blockchains since Bitcoin have taken the lead in becoming natively programmable platforms for applications. However, only Bitcoin provides true decentralization of trust, and therefore, is the best final settlement layer for transactions.
"While more institutions and retail investors are entering the realm of crypto through Bitcoin, the Bitcoin applications ecosystem is still in its infancy. Trust Machines represents a significant expansion of the types of utility we can imagine for Bitcoin where Bitcoin becomes a programmable L1 with web3 applications built for Bitcoin, and we are thrilled to support them." said Matt Zhang, founder of Hivemind Capital Partners, the $1.5 billion crypto-focused investment firm.
Trust Machines is working on the opportunity of turning a trillion dollars of Bitcoin into a productive rather than passive asset; to create programmatic demand for Bitcoin and hence the virtuous flywheel of value between applications and platform that Ethereum has enjoyed; and, most importantly, to transform many areas of finance, business and society with a new model of interaction, transaction and value creation for all.
Trust Machines is co-founded by two Princeton computer scientists, Dr. Muneeb Ali and Professor J.P. Singh. Ali is the CEO of Trust Machines. He has transitioned to Executive Chairman role at Hiro, a developer tools company for Stacks, where he was previously CEO. Muneeb and JP are on a mission to truly unlock the potential of Bitcoin for Web 3.0 applications, showing that building on Bitcoin is not only a viable, but a superior choice.
"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 and, with the backing of our terrific investors, we're excited to take on this challenge," said Ali.
About Trust Machines
Co-founded by Stacks Founder Muneeb Ali and Princeton computer science Professor J.P. Singh, the mission of Trust Machines is to create the largest ecosystem of Bitcoin apps and grow the Bitcoin economy. Trust Machines is building applications that make Bitcoin productive and unlock the trillion dollar Bitcoin economy.
Contact for Trust Machines
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