The investment subsidiary of the prominent Web3 tech firm and crypto exchange OKX has declared to strategically invest in Sei Network (a DeFi L1 blockchain based on Cosmos). Sei is considered to be the brainchild of Jeff Feng (a former Goldman banker) and Jog (a software engineer having formerly operated at Robinhood).
OKX Ventures to Strategically Invest in Sei Network to Facilitate Innovation
Sei Network, which is also included within the ecosystem of Cosmos, is categorized among the biggest blockchains that are not based on Ethereum. It permits the developers to develop the modified chains for particular applications. Sei Labs’ co-founder Jayendra Job stated that the applications and infrastructure come in cycles historically. As per Jog, Ethereum as well as the open blockchains’ last generation paved the way for a Cambrian explosion related to the exclusive decentralized applications during a recent couple of years.
Among the respective applications, trading, and exchanges have remained effective in getting market-compatible products. Nonetheless, they are kept back by L1 blockchains that are outdated. In the words of the co-founder, the platform’s mission is to develop a fine infrastructure for trading. OKX Ventures’ founder Dora Yue also commented on the development.
Yue stated that the platform has long adopted the decentralized development’s future. As per the founder, the company has been investing in longstanding innovative L1 projects. According to Yue, the company’s latest investment in Sei Network also comes within the umbrella of the respective initiative. Yue mentioned that the platform will offer thorough support related to resources, services, and capital to advance in parallel with the entrepreneurs.
OKX Halts Withdrawals and Deposits Till the Completion of Ethereum Shapella Upgrade
Yue clarified that this is included in the company’s objective. In addition to this, Yue added, the OKX ecosystem’s exposure is focused on empowering portfolio firms as well as assisting them in developing an additional effective and decentralized financial infrastructure. On the other hand, the crypto exchange OKX has declared a provisional suspension over withdrawals and deposits in ERC-20 tokens along with OP, ARB, and ETH.
The possible reason behind this is the impending Shapella upgrade of Ethereum. As per the plan, the Shapella upgrade is expected to take place on the 12th of this month. OKX Ventures disclosed that the withdrawals and deposits in the above-mentioned tokens will not be functional until the completion of the respective upgrade.
