Ark Labs Secures $2.5 Million Pre-Seed Led by Draper Associates to Take Bitcoin Payments Mainstream
Successful fundraise paves the way for Bitcoin’s future as a truly global payments network
TALLINN, August 22, 2024—Ark Labs, a pioneer in innovative digital payments solutions, has today announced the successful completion of a $2.5 million pre-seed funding round led by visionary tech investor Tim Draper and his firm, Draper Associates. With participation from industry leaders Fulgur Ventures, Axiom Capital, and prominent angel investor Stephen Cole, this funding further advances Ark Labs’ mission to overcome existing barriers to Bitcoin’s adoption in global commerce through the power of layer-2 technologies.
Launched in May 2024 by Marco Argentieri and his team of seasoned Bitcoin developers and financial services specialists, Ark Labs is the leading developer of the open-source Ark protocol (“Ark”), a layer-2 innovation designed to address some of the most pressing issues facing Bitcoin’s adoption as a global payment network. While the Lightning Network has made significant strides in improving Bitcoin’s transaction speed and capacity in recent years, the need for users to manage payment channels and liquidity—often through custodial solutions—remains a significant obstacle to broader adoption.
Ark is designed to complement the Lightning Network by removing the technical overhead for users, making Bitcoin transactions seamless and easy to manage. Key to the Ark ecosystem are Ark Service Providers (ASPs), trustless servers that facilitate network operations, including liquidity provisioning and transaction management. This user-friendly approach simplifies the process for users, allowing individuals and businesses to use Bitcoin for everyday payments while retaining full control over their funds.
“We are thrilled to have the backing of Draper Associates and other forward-thinking investors who share our vision to help reclaim Bitcoin’s position as the world’s leading P2P payments network, furthering its integration in global commerce,” said Marco Argentieri, CEO of Ark Labs. “This funding will accelerate our efforts to make Bitcoin transactions as simple and user-friendly as possible, making fast, low-cost user-friendly transactions powered by Bitcoin a reality for potentially billions worldwide.”
"Soon many people around the world will live on the Bitcoin standard. Today, we have to focus not only on how to buy and store Bitcoin but how to use it as a medium of exchange for everyday purposes. Ark's architecture allows for seamless Bitcoin payments, in a way that stays true to its core principles of decentralization and self-custody" - Tim Draper, Founder and Managing Partner of Draper Associates
Draper Associates, known for its early investments in groundbreaking companies like Tesla and Robinhood, as well as innovative Bitcoin ventures including OpenNode and BitWage, brings unparalleled strategic guidance and experience in scaling disruptive technologies. Fulgur Ventures, a key supporter of Bitcoin and Lightning startups, and Axiom Capital, led by Bitcoin author and Blockstream board observer Allen Farrington, bring deep expertise in the Bitcoin ecosystem and a strong commitment to advancing the future of decentralized finance. Stephen Cole, an angel investor with a track record of backing successful Bitcoin startups like Umbrel, adds further strength to Ark Labs’ mission with his extensive experience in the Bitcoin and fintech sectors.
The capital raised in this pre-seed round will be used to expand the Ark Labs team, further enhance Ark’s capabilities and interoperability with Lightning, and build complementary consumer-facing products and services that drive adoption. Ark Labs is also working on establishing key partnerships with the first ASPs.
One of the first products under development meanwhile is the Ark Node, an Ark-enabled wallet, allowing users to send, receive, and swap Bitcoin over the Lightning Network, all within a user-friendly dashboard. The wallet is set to open for closed beta testing in early September, with a broader rollout expected later this year.
Ark Labs invites developers, top talent, and potential partners to join its mission to reshape the future of payments. Those interested in contributing to the Ark protocol, exploring partnership opportunities, or joining the team are encouraged to get in touch.
About Ark Labs
Ark Labs is a new venture dedicated to advancing Bitcoin scalability through the Ark protocol. Focusing on developing Bitcoin layer-two solutions that enhance transaction speed and reduce costs, Ark Labs aims to make Bitcoin more accessible and efficient for users worldwide. The company is supported by Vulpem Ventures and led by a team of experienced professionals in decentralized financial services. For more information, please visit: https://arklabs.to or follow us on X @ArkLabsHQ
About Draper Associates
Draper Associates, founded in 1985 by Tim Draper, is a seed-stage venture capital firm that helps entrepreneurs to drive their businesses to greatness. Tim Draper is among the most prominent venture capitalists in Silicon Valley and invested in legendary companies such as SpaceX, Tesla and Coinbase. He is an ardent proponent of Bitcoin and is one of the world’s largest holders of the cryptocurrency.
About Fulgur Ventures
Founded in 2019, Fulgur Ventures is a venture capital firm based in Wilmington, Delaware. The firm specializes in early-stage investments with a focus on Bitcoin and the Lightning Network, supporting companies that are driving innovation in digital financial infrastructure. Fulgur Ventures is committed to fostering the growth of transformative technologies that enhance the scalability, security, and accessibility of decentralized financial systems.
About Axiom Capital
Axiom is a venture capital firm dedicated to the Bitcoin ecosystem, co-founded by Allen Farrington and Anders Larson. The firm invests in companies that are building on the Bitcoin stack, with a focus on creating innovative products and services that extend the utility of the Bitcoin network.
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