OKX Ventures Invests in Bitcoin Layer 2 Solution, Bitlayer

OKX Ventures Invests in Bitlayer

OKX Ventures, the funding arm of the main crypto trade and Web3 know-how firm OKX, has introduced a strategic funding in Bitlayer. Bitlayer is the primary Bitcoin (BTC) security-equivalent Layer 2 primarily based on BitVM.

Bitlayer’s Purpose

Bitlayer goals to scale the Bitcoin community’s transaction functionality. The corporate helps the Taproot and BitVM applied sciences and has adopted the Discreet Log Contract (DLC) framework. The DLC framework permits Bitlayer to deal with extra conditional monetary functions securely.

Bitcoin’s Dominance

Over the previous 15 years, Bitcoin has dominated 53.4% of the greater than 2.28 trillion crypto property. Ethereum contributed 15.8%, with its Whole Worth Locked (TVL) exceeding $90 billion. Layer 2 options have scaled to $39 billion. The momentum introduced by the Ordinals, Runes, and BRC-20 protocols are evident, with Runes and Ordinals reaching a market cap of over $700 million and $33 million, respectively. This equates to roughly $418 million in whole charges. Furthermore, over 11.39 million lively Bitcoin customers are in search of various interactions throughout the Bitcoin community.

Feedback from OKX Ventures Founder

OKX Ventures Founder Dora Yue commented on the funding, ‘Bitcoin has gained belief via its improvement philosophy, designed round decentralization, trustlessness, and pseudonymity to keep up person privateness. OKX Ventures helps Bitcoin scaling particularly via vertical, horizontal, inward, and layered scaling in previous funding portfolios. Bitlayer addresses the 2 major challenges in Bitcoin Layer 2: L1 verification and a trustless bridge. That is achieved by contributing to the BitVM group and challenge. For the reason that launch of Bitlayer Mainnet V1, it has collected $179,600 in charges final month and now additionally helps a number of bridges between Bitlayer and different Layer 1 chains, together with Bitcoin/EVM chains. We stay up for seeing extra Bitcoin amplifications like NFTs and different liquidity property produced on Bitlayer.’

About Bitlayer

Bitlayer is the primary Bitcoin Layer 2 answer primarily based on the BitVM paradigm. Bitlayer’s core goal is to handle the trade-off between safety (trustlessness) and Turing completeness in BTC layer 2 via cryptographic improvements and blockchain protocol engineering. Bitlayer is dedicated to changing into the computation layer for Bitcoin, aiming to introduce ultra-scalability to Bitcoin whereas inheriting its safety, offering customers with a high-throughput, low-cost transaction expertise.

About OKX Ventures

OKX Ventures is the funding arm of world main crypto trade and Web3 know-how firm OKX, with an preliminary capital dedication of USD 100 million. It focuses on exploring the most effective blockchain initiatives on a world scale, supporting cutting-edge blockchain know-how innovation, selling the wholesome improvement of the worldwide blockchain business, and investing in long-term structural worth. Via its dedication to supporting entrepreneurs who contribute to the event of the blockchain business, OKX Ventures helps construct progressive firms and brings international assets and historic expertise to blockchain initiatives.

Picture supply: Shutterstock

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