Bitcoin Layer 2 Ark Protocol's Team Forms New Firm as Lightning Network Competitor

Ark's creator Burak Keceli has moved on to other things, but the protocol and now Ark Labs is continuing to pursue the goal of building on and enhancing what Lightning has brought to Bitcoin.

The new firm, Ark Labs, was established to respond to the need for scalable, low-cost bitcoin payments, according to an emailed announcement on Tuesday. “Lightning has many problems. But number one to me is the inbound liquidity problem,” Keceli told CoinDesk in an interview a year ago. “Imagine a payment system where you need money to receive money. This doesn't make any sense.”

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