Among the Bitcoin news of today, there is the Ark Labs project, specialized in the scalability of BTC, which has raised 2.5 million dollars in a pre-seed round led by Tim Draper. The funding aims to stimulate the adoption of Bitcoin for everyday transactions.
Bitcoin news and Ark Labs: pre-seed round of $2.5 million led by Tim Draper
Tim Draper seems to be increasingly involved in Bitcoin projects. The famous venture capitalist led a pre-seed round of 2.5 million dollars for the Ark Labs project, specialized in BTC scalability.
1/ Big news! We’ve secured a $2.5M pre-seed led by Tim Draper and Draper Ventures, with key backing from Fulgur Ventures, Axiom Capital and Bitcoin angel investor, Stephen Cole, fueling our mission to make Bitcoin the future of global commerce!
https://t.co/wKL391G2sm pic.twitter.com/5MIaVFRRou
— Ark Labs (@ArkLabsHQ) August 22, 2024
“Great news! We have secured a pre-seed of 2.5 million dollars led by Tim Draper and Draper Ventures, with the support of Fulgur Ventures, Axiom Capital, and Bitcoin angel investor, Stephen Cole, fueling our mission to make Bitcoin the future of global commerce! “
This new capital will allow the protocol to accelerate development and hire the best talents. Ark Labs stated that it is looking for world-class developers to advance its Ark protocol and improve interoperability with Lightning.
In practice, Ark is an open-source layer 2 designed to work with Lightning and enable fast, low-cost, and seamless payments on Bitcoin, without compromising decentralization or self-custody.
Bitcoin News and Tim Draper’s investment in Ark Labs
Tim Draper is the main investor of Ark Labs. According to what was reported, here is how he commented on his involvement in the new project based on Bitcoin:
“Soon many people around the world will live with the Bitcoin standard. Today we must focus not only on how to buy and store Bitcoin, but also on how to use it as a medium of exchange for everyday purposes. The architecture of Ark allows for seamless Bitcoin payments, in a way that remains true to its core principles of decentralization and self-custody.”
In any case, one of the few crypto billionaires in the world, Draper, in addition to investing in Bitcoin projects, does much more.
And in fact, last September 2023, Draper collaborated with Alon Goren and David Bleznak to launch DGB – Draper Goren Blockchain.
It is a crypto accelerator that aims to incubate Web3 projects and cryptocurrency startups.
The Draper Goren Blockchain would be a new Venture Studio, supported by Draper, and focused on Web3, Crypto, and Blockchain.
The forecasts on the price of BTC
Draper is also famous for his super positive BTC price prediction, already anticipated in 2022, in the middle of the bear market.
And indeed, recently, Draper confirmed that by the end of 2024, the price of Bitcoin will reach $250,000.
Obviously, some analysts are opposed to Draper’s optimism, and instead predict a bear trend for BTC.
In the meantime, at the time of writing, BTC is worth $61,223, in a pump of +5% over the last seven days.