OKX Ventures, the venture capital arm of the major cryptocurrency exchange OKX, has made a strategic investment in Bitlayer.
Bitlayer has received a strategic investment from OKX Ventures, which is the venture capital division of OKX, the major cryptocurrency exchange. BitVM serves as the first security-equivalent Layer 2 based on the Bitcoin cryptocurrency.
Bitlayer designed the Discreet Log Contract (DLC) framework to safely handle financial applications and to scale the transaction capability of the Bitcoin network.
OKX Announce Strategic Partnership With BitLayer Labs
This framework was based on the Taproot and BitVM technologies. On May 20, OKX Ventures announced that it has made a strategic investment in Bitlayer, which is the first Bitcoin security-equivalent Layer 2 built on BitVM.
A press release announced the investment. Bitcoin’s development philosophy, centered on decentralization, trustlessness and pseudonymity to protect user privacy, has led to its widespread acceptance.
Specifically, OKX Ventures promotes Bitcoin scaling by utilizing vertical, horizontal, inward, and layered scaling in previous investment portfolios, as stated by Dora Yue, the founder of OKX Ventures.
While simultaneously increasing the Bitcoin network’s capacity to process transactions, The layer 2 platform worked to promote the implementation of Taproot and BitVM technologies.
In Bitcoin Layer 2, the two most significant obstacles are L1 verification and a trustless bridge. Bitlayer solves both of these issues. Since the launch of Bitlayer Mainnet V1, which supports various bridges between Bitlayer and other Layer 1 chains such as Bitcoin and EVM chains, it has accumulated a total of $179,600 in fees over the course of the past month.
Bitlayer has formed partnerships with a number of initiatives that are part of the Bitcoin ecosystem, and it continues to expand. It recently reached a total value locked (TVL) of $94.55 million, marking a 41.8% increase since its recent introduction.
OKX Releases Token Listing Process Update
Bitlayer Lucky Helmet Minting will take place on May 8, according to the announcement.In response to comments and suggestions made by customers and members of the community, OKX has today published further details regarding the mechanism by which it lists its tokens.
People voiced their dissatisfaction following the recent listing of a number of tokens that carry a significant level of risk. “The primary feedback OKX wanted to address was the length of time it takes to buy, sell, or trade assets in a user’s country of residence.”
According to the cryptocurrency exchange, the listing team conducts a thorough screening procedure and subjects all listings to local legislation. OKX anticipates Bitlayer to have growth comparable to that of runes and ordinals.
Because there are over 11.39 million active Bitcoin users who interact within the Bitcoin network, this amounts to approximately $418 million in total fees.