Bitcoin Decentralized Finance (DEFI) Developer Arch Labs raised $ 13 million in financing to build “ArchVM”, as the developers say, will provide smart contract functionality on the original blockchain.

The financing round, which appreciated the company for $ 200 million, was led by Panttera Capital, according to a statement on Tuesday.

Arch’s plans to enable decentralized applications and protocols naturally on Bitcoin.

ArchVM will handle calculations outside the chain to enable the “Turing-Complete Smart Contracts on the Bitcoin base layer” and give Solana-like transaction speeds, Arch Labs said in the message.

The goal of introducing smart contracts for Bitcoin began to collect steam in October with the release of BitVM Computing Language.

Numerous projects now use BitVM as a basis for bringing smart contracts to Bitvcoin via Layer-2 networks or bridges. Arch’s goal is to avoid the need to bridge assets for LAG-2s, which may pose additional risks.