Bitcoin Security Protocol Bitlayer Secures Strategic Investment from OKX Ventures

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As a researcher with a background in blockchain technology and a deep interest in decentralized finance (DeFi), I’m thrilled to see Bitlayer secure another investment from OKX Ventures. The strategic investment is a testament to the potential of Bitlayer’s solution for addressing scalability challenges on Bitcoin.

Bitlayer, the pioneering Bitcoin layer-2 scaling platform using BitVM technology, has obtained a strategic investment from OKX Ventures, the investment wing of crypto exchange OKX. This represents the second instance this year that the decentralized finance (DeFi) network has received funding from venture capital firms within the industry.

In April, Bitlayer raised $5 million in a seed funding round headed by Framework Ventures and ABCDE Capital. Shortly afterward, OKX Ventures revealed they had invested an unspecified sum of money into Bitlayer.

This protocol is designed to tackle the scalability issues prevalent in first-layer blockchains, such as Bitcoin, by utilizing their fundamental technology and strong security to provide users with less costly and quicker transactions.

Bitlayer Accumulates Over $179,000 in Transaction Fees

As a researcher studying the blockchain industry, I’ve come across OKX Ventures, known for their dedication to backing innovative projects in this field. Founded with an initial investment of $100 million, they are deeply invested in nurturing a thriving global crypto ecosystem and focusing on long-term value creation.

On Monday, the firm announced in an official press release that they were attracted to Bitlayer due to its dedication to transforming into the computational foundation for Bitcoin. Bitlayer aspires to deliver “extraordinary scalability” to the decentralized peer-to-peer (P2P) blockchain network.

“OKX Ventures has previously invested in solutions for expanding Bitcoin’s capacity through various approaches such as vertical, horizontal, inward, and layered scaling. The startup Bitlayer tackles the major issues of verification on the base layer (L1) and creating a trustless connection in Bitcoin’s Layer 2 system,” explained Dora Yue, founder of the venture capital firm.

Founded by Kevin He and Charlie Hu in 2023, Bitlayer made its debut in the cryptocurrency sector. Over the past months, this network has reached several significant accomplishments, accumulating approximately $179,600 in transaction fees alone in the previous month.

The platform now offers compatibility with multiple bridges, enabling the transfer of cryptocurrencies, such as non-fungible tokens (NFTs), between different blockchains.

As a crypto investor in Bitlayer, I can take advantage of the supported bridges to transfer my assets to other layer-1 chains beyond Bitcoin. Furthermore, I have the flexibility to interact with users on this platform and move my funds between Bitcoin and Ethereum Virtual Machine (EVM) compatible chains.

Bitlayer Teams Up with Velar

As a crypto investor, I’m excited about the upcoming developments at Bitlayer, as anticipated by OKX Ventures. I believe Bitlayer is planning to integrate new features that will significantly improve the Bitcoin ecosystem. These additions may include the creation of Non-Fungible Tokens (NFTs) and other liquidity assets on their platform. This will open up new possibilities for users and potentially increase the overall value and utility of Bitcoin.

The company expressed excitement for the future development of Bitcoin-related enhancements, such as NFTs and other liquidity assets, on Bitlayer.

Bitlayer, in a new development, has joined forces with Velar, another Bitcoin network, to create the first Decentralized Perpetual Exchange (DpPerx) called Velar Artha directly on Bitlayer. This partnership intends to provide traders with the ability to execute perpetual contracts transactions on the Bitcoin blockchain itself, ensuring heightened security and complete decentralization for all trades.

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2024-05-20 15:30