OKX Ventures Invests in UTXO Stack’s Seed Round for BTC Layer 2 Development

OKX Ventures, a pioneer in Web3 technology, is happy to announce that it will participate in UTXO Stack’s initial fundraising round. UTXO Stack is a modular platform for establishing BTC Layer 2 blockchains. This seed round has been collaboratively led by SNZ and ABCDE with OKX Ventures, including participants such as Waterdrip Capital, Bitcoin Magazine, Matrixport, DRK Lab, and y2z Ventures.

Cipher, the Author of RGB++ Protocol and Founder of UTXO Stack, stated, “With the support from this funding round, UTXO Stack is poised to deliver a scalable UTXO Layer 2 solution for BTC, enhancing seamless interoperability across all blockchains. This investment fuels our capacity to further develop, expand, and elevate our offerings.”

By making it simple for developers to start BTC Layer 2 solutions centered around the UTXO paradigm, the UTXO Stack is positioned at the forefront of growing the Bitcoin sector. This platform has been integrated with the RGB++ protocol, improving the interoperability between parallel Layer 2s and BTC on the UTXO Stack by eliminating cross-chain bridges.

Besides, it strengthened Layer 2 security by staking CHB, BTC, and additional BTC Layer 1 assets.

OKX Ventures envisioned a strategic investment in UTXO Stack by strongly endorsing the potential growth regarding the functionality and scalability in the Layer 2 infrastructure of Bitcoin.

About OKX Ventures

As a leading investment entity, OKX Ventures is a reputed Web2 technology and crypto exchange company. It has made an initial investment of USD 100 million. The company focuses on exploring unique blockchain projects on a global scale. It prioritizes cutting-edge blockchain technological innovation, thorough improvement of the global blockchain industry, and making investments for long-term gain.

Through the commitment of serving entrepreneurs who are provided with their efforts for blockchain industrial development, Considering this scenario, OKX Venture aimed to create technologically upgraded companies and gather renowned experiences and global resources with the accomplishment of blockchain projects.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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