OKX Ventures Invests in UTXO Stack, Boosting Bitcoin's Layer 2 Development

OKX Ventures, dedicated to Web3 advancement, proudly announces its participation in UTXO Stack's seed funding round. UTXO Stack, a platform for developing BTC Layer 2 blockchains, attracted investments led by SNZ and ABCDE, alongside OKX Ventures, Waterdrip Capital, and several other notable firms. This strategic investment empowers UTXO Stack to provide scalable Layer 2 solutions, fostering interoperability and security within the Bitcoin ecosystem.

OKX Ventures Invests in UTXO Stack, Advancing Bitcoin Layer 2 Development

Singapore, [Date] - OKX Ventures, a prominent investor in Web3 technology, has announced its participation in the initial fundraising round for UTXO Stack, a modular platform for establishing Bitcoin (BTC) Layer 2 blockchains. The seed round was co-led by SNZ and ABCDE, with OKX Ventures joining as a key investor. Other participants include Waterdrip Capital, Bitcoin Magazine, Matrixport, DRK Lab, and y2z Ventures.

UTXO Stack is a cutting-edge platform designed to empower developers with the ability to create BTC Layer 2 solutions centered around the UTXO (unspent transaction output) paradigm. This architecture provides a scalable and interoperable foundation for expanding the Bitcoin ecosystem.

Cipher, the creator of the RGB++ protocol and founder of UTXO Stack, expressed his enthusiasm for the investment, stating, "With the support from this funding round, UTXO Stack is well-positioned to deliver a robust and scalable UTXO Layer 2 solution for BTC, fostering seamless interoperability across all blockchains. This investment serves as a catalyst for our ongoing development efforts, empowering us to enhance our offerings and contribute to the growth of the Bitcoin sector."

One of the key features of UTXO Stack is its integration with the RGB++ protocol. This integration eliminates the need for cross-chain bridges, significantly improving the interoperability between parallel Layer 2s and BTC on the UTXO Stack platform.

Furthermore, UTXO Stack bolsters Layer 2 security by enabling the staking of CHB, BTC, and other BTC Layer 1 assets. This mechanism provides a secure and reliable foundation for Layer 2 applications and services built on the platform.

OKX Ventures' strategic investment in UTXO Stack reflects its strong belief in the potential for growth and innovation in the Layer 2 infrastructure of Bitcoin. The investment aligns with OKX Ventures' mission to support cutting-edge blockchain projects that have the potential to transform the industry.

About OKX Ventures

OKX Ventures, a leading investment arm of OKX, a renowned Web3 technology and crypto exchange company, has committed an initial investment of USD 100 million to UTXO Stack. OKX Ventures is dedicated to exploring and investing in exceptional blockchain projects worldwide, focusing on fostering innovation, advancing the global blockchain ecosystem, and generating long-term value.

Through its commitment to supporting entrepreneurs driving blockchain industrial development, OKX Ventures aims to foster the establishment of technologically advanced companies and leverage its expertise and global resources to support the success of blockchain projects.