Trust Machine Secures $150 Million With Plan to Bring Web 3.0 to Bitcoin, DeFi, DAOs, NFTs Coming?

04. Feb 2022 Posted by Akolkar B on News

On Thursday, February 3, Stacks founder Muneeb Ali made an announcement that his firm Trust Machines has secured a $150 million in funding. As a result, they plan to build an ecosystem of applications in a move to introduce Web 3 on the Bitcoin blockchain.

The recent funding round involves investors with big names like Breyer Capital, Golden Tree, Digital Currency Group, and Union Square Ventures. 

Bitcoin has been strictly seen as a blockchain that will conduct only Bitcoin transactions. However, utility wise, many other platforms like Ethereum have been taking lead due to the availability of smart contracts.

Web 3 refers to decentralized internet of applications running on distributed ledger technology like the blockchain. Now, Trust Machines has been backed by Stacks, a platform that allows decentralized finance (DeFi), NFTs, DApps, and smart contracts for Bitcoin (BTC).

Speaking of this development, Muneeb Ali said: “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”.

Trust Machines goal is to create one of the largest ecosystems of Bitcoin applications and further expand the Bitcoin economy. Thus mission aligns quite with that of Stacks which was building smart contracts atop the Bitcoin blockchain.

Ali believes that Bitcoin is one of the best, most decentralized money layer. He notes that 1% of bitcoin is already being used on the Ethereum blockchain in the form of wrapped Bitcoin (wBTC). This wBTC can be used to interact with DeFi trading apps on Ethereum that will facilitate non-custodial transactions without any third-party intermediaries.

Muneeb Ali noted: “That clearly means that there’s demand for using Bitcoin in smart contracts…instead of trying to bring Bitcoin in a wrapped fashion to some smart contract chain, why don’t you bring the smart contract functionality directly to Bitcoin?” 

If smart contracts come to the Bitcoin blockchain network, users will be easily able to trade NFTs on the platform.

Well, this will bring whole new scope of functionality on the Bitcoin blockchain thereby expanding its use even further.