The funding will support development of a programmable execution layer designed to enable faster issuance and settlement of digital assets on the network.
Tether’s investment arm has invested in Ark Labs, the developer of the programmable Bitcoin infrastructure Arkade, as part of a $5.2 million funding round to expand stablecoin capabilities on the Bitcoin network.
According to Thursday’s announcement from Ark Labs, the investment is intended to support infrastructure that enables stablecoins such as USDT (USDT) to be issued, transferred and settled more efficiently on Bitcoin (BTC).
The Lugano, Switzerland-based startup is developing an execution layer designed to support instant and programmable transactions on Bitcoin. The funding round brings the company’s total funding to $7.7 million.
