Trust Machines, co-founded by Stacks founder Muneeb Ali and Princeton computer science professor J.P. Singh, has raised $150 million in funding for expanding Bitcoin as a Web 3 platform.

Participating investors in the round included Breyer Capital, Digital Currency Group (the parent company of CoinDesk), GoldenTree, Hivemind and Union Square Ventures.Trust Machines will build on the recent success of Stacks, which is a programming layer for Bitcoin, and aims to make Bitcoin not only a store of value but also a platform for Web 3 applications, the firm said in a press release.Ali is the CEO of Trust Machines and is executive chairman at Hiro, the primary developer of Stacks, where he was previously CEO.Stacks was co-founded by Ali and Ryan Shea in 2013 as Blockstack. Stacks is a network that facilitates smart contracts that settle on the Bitcoin blockchain.“With the early foundation built, it’s time to concentrate on unlocking the next level of applications and platform technology on Bitcoin, enhancing the platforms for speed, scale and functionality, and making Bitcoin apps a reality for hundreds of millions of users. This is why we launched Trust Machines,” Ali said in a press release.

Read more: The Programmable Future of Bitcoin, Feat. Muneeb Ali