Lite Strategy, a Nasdaq-listed Litecoin treasury company, said it has led a $1 million strategic investment in LitVM and received governance participation rights and a potential opportunity to subscribe to future tokens.

According to Odaily, LitVM is a zero-knowledge Layer 2 scaling network built on Litecoin.

Lite Strategy said the new funding will support LitVM’s efforts after its mainnet launch to bring smart contract functionality and a programmable application layer to Litecoin.