Dr. Muneeb Ali, a Pakistani-American and LUMS alumni, claimed on Twitter that he has collected $150 million to establish the world’s largest ecosystem of Bitcoin apps through “Trust Machines,” a New York-based company he co-founded lately.
He 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.”
He also revealed his new role as Executive Chair of Hiro, a leading Bitcoin development tools firm where he previously served as CEO before creating Trust Machines.
Explaining the principle workings behind his latest venture, Dr. Muneeb Ali remarked, “Trust Machines will build upon the success of Stacks, create new Bitcoin apps, and contribute to underlying platforms, including Bitcoin itself. We’ll hire Bitcoin Core devs and unleash Bitcoin’s true potential for web3 apps. It’s time to build on Bitcoin!”
The initial financing for “Trust Machines” came from US-based Breyer Capital, Digital Currency Group (DCG), GoldenTree, Hivemind, and Union Square Ventures, albeit the specific valuation was not released (USV).
Jim Breyer, founder and CEO of Breyer Capital, and an early Facebook investor, told Forbes, “We believe that bitcoin can be more than a store of value; it can also be the settlement layer and platform for Web 3. We’re excited to support Trust Machines and their mission to help bitcoin reach its potential.”
Big-name venture capital companies like Breyer Capital’s engagement is a sign of rising trust in Bitcoin among key asset holders in the paper-money system in many respects. Furthermore, owing to its scarcity, Bitcoin has gained popular acceptability as a “store of value,” unlike other prominent virtual assets.
The cash raised will be used by Trust Machines to hire Bitcoin engineers to build solutions that will allow investors to participate in the nascent decentralised financial industry. Its goal is to create the apps and underlying technologies that will allow Bitcoin to reach its full potential as a final settlement layer. “Our objective is to establish the broadest ecosystem of Bitcoin apps and promote the Bitcoin economy,” according to a business statement. We intend to recruit Bitcoin Core engineers and do cutting-edge research and development in the areas of scalability and functionality levels in the Bitcoin ecosystem.”
Dr. Ali co-founded Trust Machines with Princeton Computer Science Professor Dr. JP Singh with the goal of unlocking “the full potential of bitcoin” by developing decentralised finance applications, Decentralised Autonomous Organisations (DAOs), and Non-Fungible Tokens (NFTs) on the rebranded Blockstack, now known as Stacks, which is a smart contracts network linked to Bitcoin.