Trust Machines, co-founded by Stacks founder Muneeb Ali and Princeton University computer science professor J.P. Singh, has raised $150 million in funding for expanding Bitcoin as a Web 3 platform.
- Participating investors in the round include Breyer Capital, Digital Currency Group (the parent company of CoinDesk), GoldenTree, Hivemind and Union Square Ventures.
- Trust Machines will build on the recent success of Stacks, which is a programming layer for Bitcoin, in making Bitcoin a platform for Web 3 applications, the firm said in a press release.
- Ali is the CEO of Trust Machines and is executive chairman at Hiro, the primary developer of Stacks, where he was previously CEO.
- Stacks was co-founded by Ali and Ryan Shea in 2013 as Blockstack. Stacks is a network that facilitates smart contracts that settle on the Bitcoin blockchain.
- “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. This is why we launched Trust Machines,” Ali said in the press release.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.