Pakistani-American and a graduate of Lahore University of Management Sciences (LUMS), Dr. Muneeb Ali, declared on Twitter that he has raised $150 million to assemble the largest ecosystem of Bitcoin applications through “Trust Machines,” a New York-based entity ‘Stacks’ he co-founded recently.
Major news: we’ve raised $150M for a new entity to build the largest ecosystem of Bitcoin applications.
Bitcoin can be a productive asset and final settlement layer for web3 apps.
Say hello to Trust Machines: https://t.co/pRRxN90R1B
— muneeb.btc (@muneeb) February 3, 2022
Dr. Muneeb Ali is Working to Build the Largest Ecosystem of Bitcoin Applications
Moreover, LUMS graduate, Dr. Muneeb Ali intends to unleash what they believe is “the true potential of bitcoin” by designing decentralized finance applications, DAOs and NFTs on the rebranded Blockstack, now called Stacks, a smart contracts network linked to bitcoin. Investors in the funding round comprise Breyer Capital, Union Square Ventures, Digital Currency Group, GoldenTree, Hivemind, among others. The valuation was not announced. At stake is the potential for bitcoin to prosper in Web3.
“We believe that bitcoin can be more than a store of value; it can also be the settlement layer and platform for Web 3,” said Jim Breyer, founder, and CEO of Breyer Capital and early Facebook investor. “We’re excited to support Trust Machines and their mission to help bitcoin reach its potential.”
LUMS graduate, Dr. Muneeb Ali tweeted, “Along with JP Singh, a Princeton CS Professor, I’ve started Trust Machines to unlock the next chapter of Bitcoin apps. Building upon the success of Stacks, Trust Machines will build the apps and underlying tech to unleash the true potential of Bitcoin as a settlement layer and build the largest ecosystem of Bitcoin applications.”
Trust Machines Aims to Develop the Decentralized Financial Industry
Trust Machines aims to use the funds raised to engage Bitcoin engineers to develop solutions that will enable investors to participate in the development of the decentralized financial industry. It seeks to create the applications and underlying technology critical to unleashing the true potential of Bitcoin as a final settlement layer.
In this regard, Dr. Muneeb Ali’s company statement read: “Our mission is to build the largest ecosystem of Bitcoin applications and grow the Bitcoin economy. We plan to hire Bitcoin Core developers and drive innovative research & development for scalability and functionality layers around Bitcoin”.