ISLAMABAD – New York-based Pakistani man Dr. Muneeb Ali has garnered $150 million to build the largest ecosystem of Bitcoin applications through an entity he recently co-founded.
Ali, the alumnus of Lahore University of Management Sciences (LUMS), shared the development on the microblogging platform saying he raised $150 million to build the largest ecosystem of Bitcoin applications through Trust Machines.
He said the company seeks to unleash what they consider the true potential of bitcoin. Trust Machines aims to convert bitcoin’s trillion-dollar value into more productive capital and grow an economy of bitcoin applications.
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
The setup intends to use the funds to engage Bitcoin engineers to develop solutions that will allow investors to participate in the budding decentralized financial industry.
Our setup will build upon the success of Stacks, create new Bitcoin apps, and contribute to underlying platforms, including Bitcoin itself, he added.
Pakistan central bank recommends outright ban on cryptocurrency
On the other hand, the State Bank of Pakistan and PTI led government earlier decided to ban the use of all cryptocurrencies. Officials also urged Sindh High Court to not only ban cryptocurrencies but also impose penalties against crypto exchanges.
