New project from Blockstack founder Munib Ali raises $150 million.

Trust Machines, the company founded by Blockstack founder Munib Ali and Princeton University computer science professor J. P. Singh, has raised $150 million.

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

According to the statement, the company’s goal is to create the largest ecosystem of dapps based on Bitcoin and its blockchain. The project will be based on Blockstack’s Stacks platform technologies, which create smart contract layers for the Bitcoin network.

“We are pleased to announce that we have raised $150 million to turn Bitcoin from a passive store of value into the final settlement layer for a powerful new platform, and to enable and grow a new economy of applications that use BTC and its blockchain,” the founders wrote.

Among the participants in the funding round were venture firms Breyer Capital, Digital Currency Group, GoldenTree, Hivemind and Union Square Ventures.

For why Bitcoin is the best foundation for Web 3.0, how important cryptocurrency regulation is, and more, read the exclusive interview with Munib Ali at ForkLog:

As noted, after record $30 billion in 2021, venture investment in the industry did not stop. Early in 2022, major funding rounds for projects such as OpenSea ($300 million), Animoca Brands ($359 million), FTX ($400 million) and Fireblocks ($550 million) took place.