“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.
Early team members of the Stacks project in 2017 outside their Soho office in NYC. Muneeb Ali is the first on the left.It’s summer 2017. Muneeb Ali, a PhD candidate in computer science at Princeton, is finishing his thesis, detailing his experience of building Blockstack—a decentralized blockchain-based internet, enabling users to own their data.
Investors in the round include Breyer Capital, Union Square Ventures, Digital Currency Group, GoldenTree, Hivemind, among others. The valuation was not disclosed. At stake is the potential for bitcoin to thrive in Web3. The participation of high-profile investors like Breyer is a vote of confidence to bitcoin’s growth prospects. Despite its success, bitcoin’s ecosystem has seen slower development than other so-called Layer-1 chains, such as Ethereum and Solana, as of late. Unlike these networks and their respective assets, bitcoin has gained mainstream support as a “store of value” due to its scarcity.
With raised capital, Trust Machines plans to aggressively hire bitcoin core developers to build products that would enable bitcoin investors to participate in the budding sector of decentralized finance, though theis currently locked in Ethereum. Think yield-bearing opportunities for bitcoin holders, social applications, DAOs, bitcoin-native NFT experiences and swaps, to name a few.
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