OKX Ventures, the investment arm of the OKX crypto exchange, has officially disclosed its investment in Bitlayer. It is the first Layer 2 for Bitcoin with Bitcoin-equivalent security using the BitVM construct. Bitlayer intends to improve the utility of the Bitcoin network. Using blockchain and the BitVM technology Taproot, it implements the DLC scripting model to administer secure conditional financial applications.
OKX Ventures Founder Emphasizes Bitcoin Philosophy and Expansion
Bitcoin has been the strongest cryptocurrency in the market for more than 15 years, with 53. 4% of the total crypto assets worth over $2. 28 trillion in the market. According to its TVL, Ethereum accounts for 15. 8% with the TVL of more than $90 billion and Layer 2 solutions at $39 billion.
New developments like Ordinals, Runes, and BRC-20 have made a positive contribution to the market with Runes and Ordinals posting market caps of over $700 million and $33 million respectively and generated total fees of around $418 million. There are more than 11. 39 million active Bitcoin users who are looking for more ways to interact with the Bitcoin network.
Bitcoin’s approach and philosophy of decentralization and privacy was emphasized by Dora Yue, the Founder of OKX Ventures. It is notable that OKX Ventures has a history of backing Bitcoin expansion through various strategies in its portfolio. Yue noted that Bitlayer tackles two significant challenges in Bitcoin Layer 2 solutions: confirmation by the Layer 1 network and a trustless bridge.
OKX Ventures Commits $100 Million to Global Blockchain Ventures
Bitlayer has successfully launched its Mainnet V1 and by contributing to the BitVM community generated fees of $179,600 in the past month alone. Bitlayer now has multiple bridges connecting Bitlayer to other Layer 1 chains such as Bitcoin/EVM chains. Yue voiced excitement for future developments on Bitlayer including NFTs and other liquid assets.
Bitlayer can be classified as the first Bitcoin Layer 2 solution based on the BitVM paradigm. Its primary goal is to coordinate trustlessness and Turing completeness in Bitcoin’s Layer 2 using sophisticated cryptographic techniques and blockchain technology.
OKX Ventures will allocate $100 million to invest in promising blockchain ventures globally. The investment arm pursues the growth of the global blockchain industry in a healthy way through investment in disruptive technologies and sustainable value.
