Ark Labs has secured $2.5 million in a pre-seed funding round led by Draper Associates, with contributions from Fulgur Ventures, Axiom Capital, and angel investor Stephen Cole. 

The funding is allocated to advance the development of Ark Labs' Bitcoin layer-2 solutions.

Established in May 2024 by Marco Argentieri and a team of Bitcoin developers and financial experts, Ark Labs is focused on addressing obstacles to Bitcoin’s adoption as a payment system. 

The company’s key project, the Ark protocol, aims to complement the Lightning Network by reducing the complexities associated with managing payment channels and liquidity.

The Ark protocol incorporates Ark Service Providers (ASPs), which are trustless servers that handle network operations, including liquidity provisioning and transaction management. 

This design seeks to make Bitcoin transactions more straightforward for both individual users and businesses.

Marco Argentieri, CEO of Ark Labs, stated that the newly raised funds will be used to expand the company’s team, enhance the Ark protocol, and develop products such as the Ark Node—a wallet designed to work with the Lightning Network. 

The Ark Node is scheduled for a closed beta release in September, with a wider rollout anticipated later in the year.

Ark Labs is also reaching out to developers and potential partners interested in collaborating on its initiatives.

Share this article
The link has been copied!