OKX Ventures Announces Strategic Investment In Bitcoin Restaking Platform BounceBit

SINGAPORE, March 5, 2024 /PRNewswire/ -- OKX Ventures, the investment arm of leading Web3 technology company OKX, has issued updates for March 5, 2024.

OKX Ventures Announces Strategic Investment in Bitcoin Restaking Platform BounceBit

OKX Ventures, the investment arm of leading Web3 technology company OKX, today announced a strategic investment in BounceBit, a platform dedicated to building the infrastructure and offering solutions of Bitcoin (BTC) restaking. Within the first month of its launch, BounceBit has recorded a total value locked (TVL) of USD 510 million.

The BounceBit chain is a proof-of-stake (PoS) Layer 1 which adopts a unique dual-token system leveraging native BTC's security with full Ethereum Virtual Machine (EVM) compatibility. BTC Restaking provides shared security to infrastructure and DApps on BounceBit - for instance, bridges and oracles will be validated by restaked BTC.

OKX Ventures Founder Dora Yue said: "BounceBit has redefined the value and applications of BTC. Through a dual-token system, BounceBit combines features of centralized finance (CeFi) and decentralized finance (DeFi) to achieve higher standards of security and cross-chain interoperability. BounceBit's offering enables BTC holders to earn profit across multiple networks and helps enhance the value of the entire BTC ecosystem. We are looking forward to the upcoming Bitcoin halving, which is poised to bring in broader ranges of users, as well as use cases of BTC."

About OKX Ventures

OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 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.

Find out more about OKX Ventures here.

Disclaimer

SOURCE OKX Ventures

First published on Tue, Mar 5, 2024

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Crypto CurrencyOKX Ventures Bitcoin Restaking Platform BounceBit Crypto Exchange Blockchain Technology

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