OKX Ventures anticipates Bitlayer’s subsequent steps to incorporate the mixing of recent options that may improve the Bitcoin ecosystem, corresponding to enabling the creation of NFTs and different liquidity property on the platform.
Bitlayer, the primary Bitcoin layer-2 scaling answer primarily based on BitVM, has secured a strategic funding from OKX Ventures, the enterprise capital arm of the crypto trade OKX. This marks the second time this 12 months that the decentralized finance (DeFi) community has acquired investments from enterprise capital corporations within the trade.
In April, Bitlayer secured $5 million in a seed funding spherical led by Framework Ventures and ABCDE Capital. Just some weeks after this funding spherical, OKX Ventures introduced it had injected an undisclosed quantity of funds into Bitlayer.
The protocol goals to deal with the scalability challenges of layer-1 blockchains, significantly Bitcoin, by leveraging its underlying know-how and strong safety to supply customers cheaper and sooner transactions.
Bitlayer Accumulates Over $179,000 in Transaction Charges
OKX Ventures is famend for supporting progressive blockchain initiatives. The agency, initially launched with $100 million in funding capital, is dedicated to fostering the wholesome growth of the worldwide crypto area and investing in long-term structural worth.
In an official press release on Monday, the corporate stated it was drawn to Bitlayer due to its dedication to changing into the computation layer for Bitcoin. Bitlayer goals to convey “extremely scalability” to the peer-to-peer (P2P) blockchain platform.
“OKX Ventures helps Bitcoin scaling particularly by way of vertical, horizontal, inward, and layered scaling in previous funding portfolios. Bitlayer addresses the 2 fundamental challenges in Bitcoin Layer 2: L1 verification and a trustless bridge,” stated Dora Yue, founding father of the VC agency.
Bitlayer, established by Kevin He and Charlie Hu, entered the crypto market in 2023. Since then, the community has achieved a sequence of milestones, producing over $179,600 in transaction charges final month.
The platform has additionally added assist for numerous bridges, facilitating the motion of cryptocurrencies, together with non-fungible tokens (NFTs), from one blockchain to a different.
For Bitlayer, these supported bridges permit asset transfers to different layer-1 chains exterior of Bitcoin. Moreover, customers interacting on the platform can transfer their funds to different Bitcoin and Ethereum Digital Machine (EVM) suitable chains.
Bitlayer Groups Up with Velar
OKX Ventures anticipates Bitlayer’s subsequent steps to incorporate the mixing of recent options that may improve the Bitcoin ecosystem, corresponding to enabling the creation of NFTs and different liquidity property on the platform.
“We look ahead to seeing extra Bitcoin amplifications like NFTs and different liquidity property produced on Bitlayer,” the corporate acknowledged.
Bitlayer has just lately partnered with one other Bitcoin-based community referred to as Velar. Collectively, the 2 platforms will develop and launch Velar Artha, the world’s first Perpetual Decentralized Alternate (PerpDex) on Bitlayer. The collaboration between the duo goals to present merchants the chance to commerce perpetual contracts instantly on the Bitcoin blockchain, providing each safety and full decentralization for all transactions.
