Based

Token

Bitcoin

First Bitcoin

Terra

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 <a href="https://coingape.com/layer-2-protocol-build-on-bitcoin-bob-goes-live-on-mainnet/" target="_blank" rel="noopener noreferrer nofollow">BitVM</a> technologies, Bitlayer aimed to scale the Bitcoin network’s transaction capability with its Discreet Log Contract (DLC) framework to handle financial applications securely.
<h2 id="okx-announce-strategic-partnership-with-bitlayer-labs">OKX Announce Strategic Partnership With BitLayer Labs</h2>
In a press release on May 20, <a rel="noopener noreferrer nofollow" href="https://www.okx.com/learn/okx-ventures-bitlayer" target="_blank">OKX Ventures</a> 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&nbsp;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 <a href="https://coingape.com/category/news/bitcoin-news/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> 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: <a title="Terra Luna Classic Community Passes Crucial Proposal, LUNC Price to Rally?" href="https://coingape.com/terra-luna-classic-community-passes-crucial-proposal-lunc-price-to-rally/" target="_blank" rel="noopener noreferrer nofollow">Terra Luna Classic Community Passes Crucial Proposal, LUNC Price to Rally?</a>
<h2 id="okx-releases-token-listing-process-update">OKX Releases Token Listing Process Update</h2>
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. <a href="https://coingape.com/upcoming-okx-listings/" target="_blank" rel="noopener noreferrer nofollow">OKX</a> 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&nbsp;$418 million in total fees as over 11.39 million active Bitcoin users interacts within the Bitcoin network.
Also Read: <a title="Ripple Case Update: Judge Sets Public Zoom Hearing on Summary Judgment &amp; Testimony" href="https://coingape.com/ripple-case-update-judge-sets-public-zoom-hearing-on-summary-judgment-testimony/" target="_blank" rel="noopener noreferrer nofollow">Ripple Case Update: Judge Sets Public Zoom Hearing on Summary Judgment &amp; Testimony</a>
The post <a href="https://coingape.com/okx-ventures-invest-in-first-bitcoin-layer-2-solution-bitlayer/" rel="noopener noreferrer nofollow">OKX Ventures Invest in First Bitcoin Layer 2 Solution Bitlayer</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

OKX Ventures Invest in First Bitcoin Layer 2 Solution Bitlayer

Table of Contents

Coingape News Media

Other articles published on May 20, 2024

Ripple Transfers 50M XRP to Unknown Wallet

Is It Too Late To Buy GOME? Game Of Memes Explodes 400% As Experts Say Consider This Crypto Casin...

Bitcoin Shows Positive Trend and Gains Investor Confidence

4 SocialFi Innovations Propelling the Future of Social Media

Spot Ethereum ETF: SEC Pushes Exchanges for Update on 19b-4 Filings

Bitcoin Price Dips Yet Stays Positive: Market Sentiment Remains Upbeat

Join our free newsletter for daily crypto updates!