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OKX Ventures Invest in First Bitcoin Layer 2 Solution Bitlayer – Crypto News

Published

1 year ago

May 20, 2024

Dripp

OKX Ventures, the venture arm of leading crypto exchange OKX, has announced a strategic investment in Bitlayer. It is the first Bitcoin security-equivalent Layer 2 based on BitVM. Based on the Taproot and BitVM technologies, Bitlayer aimed to scale the Bitcoin network’s transaction capability with its Discreet Log Contract (DLC) framework to handle financial applications securely.

OKX Announce Strategic Partnership With BitLayer Labs

In a press release on May 20, OKX Ventures said it has made a strategic investment in Bitlayer, the first Bitcoin security-equivalent Layer 2 based on BitVM.

“Bitcoin has won trust through its development philosophy, designed around decentralization, trustlessness, and pseudonymity to maintain user privacy. OKX Ventures supports Bitcoin scaling specifically through vertical, horizontal, inward, and layered scaling in past investment portfolios,” said OKX Ventures Founder Dora Yue.

Bitlayer pushed for the adoption of Taproot and BitVM technologies while scaling the transaction capability of Bitcoin network. Bitlayer resolves the two main challenges in Bitcoin Layer 2 — L1 verification and a trustless bridge. It has accumulated $179,600 in fees last month since the launch of Bitlayer Mainnet V1, supporting multiple bridges between Bitlayer and other Layer 1 chains such as Bitcoin/EVM chains.

Bitlayer has partnered with multiple projects in the Bitcoin ecosystem and continues to grow. It recently hit a total value locked (TVL) of $94.55 million, up 41.8% since its launch recently. It has also announced Bitlayer Lucky Helmet Minting on May 8.

Also Read: Terra Luna Classic Community Passes Crucial Proposal, LUNC Price to Rally?

OKX Releases Token Listing Process Update

OKX today provided more information about its token listing process in response to feedback from customers and community members. People expressed disappointment after the recent listing of some highly risky tokens. OKX said “the main feedback it wanted to address was the time it takes for assets to be bought, sold or traded in a user’s country of residence.”

The crypto exchange says all listings undergo an extensive review process by the listing team and are subject to local laws. OKX sees similar growth for Bitlayer like Runes and Ordinals. This equates to approximately $418 million in total fees as over 11.39 million active Bitcoin users interacts within the Bitcoin network.

Also Read: Ripple Case Update: Judge Sets Public Zoom Hearing on Summary Judgment & Testimony

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