After updating to Xcode 12.0 React-Native build failed

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I have updated Xcode to 12.0 in order to test React Native project on iOS 14.0. When I build the project I'm getting the following error. I tried Excluding arm64 architecture from Debug, tried removing bitcode from debug.

in ~/ios/Pods/OpenSSL-Universal/ios/lib/libcrypto.a(cryptlib.o), building for iOS Simulator, but linking in object file (~/ios/Pods/OpenSSL-Universal/ios/lib/libcrypto.a(cryptlib.o)) built for iOS, file '~/ios/Pods/OpenSSL-Universal/ios/lib/libcrypto.a' for architecture arm64

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