Bitcoin L2 project Ark Labs has completed a $2.5 million Pre-Seed funding round, led by Tim Draper and Draper Ventures.

Bitcoin L2 project Ark Labs announced the completion of a $2.5 million Pre-Seed funding round, led by Tim Draper and Draper Ventures, with participation from Fulgur Ventures, Axiom Capital, and Bitcoin angel investor Stephen Cole. This new funding will be used for its development and to attract top talent.

It is reported that the Ark protocol is an open-source second-layer protocol designed to work with the Lightning protocol to enable fast, low-cost, and seamless payments in Bitcoin, without compromising decentralization or self-custody.