OKX Ventures, the investment arm of Web3 technology company OKX, is pleased to announce its participation in the seed funding round of UTXO Stack, a modular BTC Layer 2 blockchain launch platform.
The seed funding round was reportedly co-led by ABCDE and SNZ, with OKX Ventures “joining other prominent participants such as Bitcoin Magazine, Waterdrip Capital, Matrixport, y2z Ventures and DRK Lab.”
UTXO Stack is said to be “at the forefront of expanding the Bitcoin ecosystem by enabling developers to easily initiate BTC Layer 2 solutions based on the UTXO model.”
The platform is integrated with the RGB++ protocol, “enhancing interoperability between BTC and parallel Layer 2s developed on UTXO Stack, eliminating the need for cross-chain bridges.”
Additionally, it is said to bolster Layer 2 security “through the staking of BTC, CKB and other BTC Layer 1 assets.”
UTXO Stack Founder and RGB++ Protocol Author Cipher said:
“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. OKX Ventures Founder Dora Yue said: “Our strategic investment in UTXO Stack signifies a strong endorsement of the platform’s potential to enhance the functionality and scalability of Bitcoin’s Layer 2 infrastructure.”
As noted in the update, OKX Ventures is “the investment arm of leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD 100 million.”
It focuses on exploring the best blockchain projects “on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.”
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps “build innovative companies and brings global resources and historical experience to blockchain projects.”
