OKX Ventures, the investment branch of the OKX cryptocurrency exchange, has officially announced its investment in Bitlayer, the first Layer 2 solution for Bitcoin that offers Bitcoin-equivalent security utilizing the BitVM framework. Bitlayer aims to enhance the functionality of the Bitcoin network by implementing blockchain technology and the BitVM innovation Taproot, which enables the execution of the DLC scripting model for secure conditional financial applications.
A strategic partnership has been forged with @BitlayerLabs, the pioneering #Bitcoin Security-Equivalent #Layer2 Solution based on the #BitVM Paradigm.
Bitcoin Philosophy and Expansion Highlighted by OKX Ventures Founder
Bitcoin has maintained its position as the leading cryptocurrency in the market for over 15 years, representing 53.4% of the total crypto assets valued at over $2.28 trillion. Ethereum, on the other hand, accounts for 15.8% of the Total Value Locked (TVL) with a value exceeding $90 billion, including Layer 2 solutions valued at $39 billion.
Innovations such as Ordinals, Runes, and BRC-20 have positively impacted the market, with Runes and Ordinals boasting market caps of over $700 million and $33 million respectively, and generating total fees of approximately $418 million. The Bitcoin network currently boasts over 11.39 million active users seeking enhanced interactions within the network.
Dora Yue, the Founder of OKX Ventures, highlighted Bitcoin’s principles of decentralization and privacy. OKX Ventures has a track record of supporting Bitcoin’s expansion through various strategies within its investment portfolio. Yue underscored Bitlayer’s efforts to address significant challenges in Bitcoin Layer 2 solutions, such as confirmation by the Layer 1 network and the establishment of a trustless bridge.
OKX Ventures Allocates $100 Million to Global Blockchain Ventures
Bitlayer has successfully launched its Mainnet V1 and has contributed to the BitVM community by generating fees amounting to $179,600 in the previous month alone. The platform now features multiple bridges linking Bitlayer to other Layer 1 chains, including Bitcoin/EVM chains. Yue expressed anticipation for future developments on Bitlayer, including the integration of NFTs and other liquid assets.
Bitlayer stands out as the pioneering Bitcoin Layer 2 solution based on the BitVM paradigm, aiming to harmonize trustlessness and Turing completeness within Bitcoin’s Layer 2 utilizing advanced cryptographic methods and blockchain technology.
OKX Ventures has committed to investing $100 million in promising blockchain ventures worldwide. The investment arm is dedicated to fostering the growth of the global blockchain industry in a sustainable manner by supporting disruptive technologies and creating lasting value.
Tags: BTC, OKX