OKX Ventures invests in Bitlayer, a Bitcoin Layer 2 solution utilizing Taproot and BitVM technologies to enhance transaction scalability and security.
OKX Ventures, the venture division of Bitlayer and the leading cryptocurrency exchange OKX, has announced a strategic investment. It is the first BitVM-based Bitcoin security-equivalent Layer 2.
Bitlayer’s objective was to enhance the Bitcoin network’s transaction capacity by utilizing its Discreet Log Contract (DLC) framework to securely manage financial applications, building upon the Taproot and BitVM technologies.
OKX Ventures announced its strategic investment in Bitlayer, the first Bitcoin security-equivalent Layer 2 based on BitVM, in a press release dated May 20.
“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 advocated for the implementation of Taproot and BitVM technologies in order to expand the Bitcoin network’s transaction capacity. Bitlayer addresses the two primary obstacles that plague Layer 2 of Bitcoin: L1 verification and a trustless bridge.
Since the inception of Bitlayer Mainnet V1, which supports multiple bridges between Bitlayer and other Layer 1 chains including Bitcoin/EVM chains, it has accumulated $179,600 in fees over the past month.
Bitlayer has formed strategic alliances with numerous Bitcoin ecosystem initiatives and continues to expand. Since its recent introduction, its total value locked (TVL) has increased by 41.8%, reaching $94.55 million. Additionally, on May 8, it declared the Bitlayer Lucky Helmet Minting.
Based on customer and community feedback, OKX has now furnished additional details regarding its token listing procedure. The public expressed disappointment following the recent listing of several extremely risky tokens.
OKX stated, “The primary concern it wished to address was the time required to buy, sell, or trade assets in the country of residence of the user.”
All listings are subject to local laws and a thorough review process by the listing team, according to the cryptocurrency exchange. OKX views Bitlayer’s expansion as comparable to that of Runes and Ordinals.
This corresponds to an estimated total of $418 million in fees, considering the engagement of more than 11.39 million active Bitcoin users in network transactions.
