Bitcoin layer-2 developer Alpen Labs has secured $10.6 million in funding with a focus on enhancing Bitcoin's blockchain scalability.

The startup, which recently emerged from stealth mode, plans to achieve this through the implementation of zero-knowledge proofs. Leading the funding round is Ribbit Capital, with additional contributions from Castle Island Ventures, Robot Ventures, and Axiom Capital.

Founded nearly two years ago, Alpen Labs is dedicated to introducing smart contract functionality to Bitcoin via its rollup infrastructure.

This initiative aims to create a programmable and scalable layer for Bitcoin, supporting a range of on-chain financial applications. These applications include payments, lending, and stablecoins.

The team behind Alpen Labs comprises industry veterans from notable organizations such as Blockstream Research, Nethermind, Aleo, and Palantir. Their collective expertise is geared towards building an ecosystem that facilitates transactions settled via Bitcoin.

With this significant funding boost, Alpen Labs is well-positioned to advance its mission of enhancing Bitcoin's capabilities. The focus on zero-knowledge proofs underscores the startup's commitment to improving scalability while maintaining the security and privacy that Bitcoin users value. This investment not only validates Alpen Labs' innovative approach but also signals confidence in its potential to shape the future of Bitcoin-based financial applications.