SINGAPORE, May 9, 2024
/PRNewswire/ -- OKX Ventures, the investment arm of leading
crypto exchange and Web3 technology company OKX, has
issued updates for May 9,
2024.
OKX Ventures
Announces Seed Round Investment in Arch Network,
a Bitcoin-Native Application and Smart Contract
Platform
OKX Ventures today announced its participation in the seed
investment round for Arch Network, a Bitcoin-native
application and smart contract platform.
Arch Network is the first Bitcoin-native
application platform, enabling bridgeless DeFi on the
world's largest blockchain. It is a parallelized, proof-of-stake
network that leverages zero-knowledge proof (ZK proof) technology
to enhance Bitcoin-native programmability. The network
consists of a Rust-based zkVM, called the ArchVM, and a
decentralized verifier network. Together, these
components form a trustless execution environment directly within
the Bitcoin blockchain, allowing for bridgeless
trading experiences.
OKX Ventures Founder Dora Yue
said: "We are delighted to invest in Arch Network, a
Bitcoin-native application platform that takes
inspiration from the SVM (Solana Virtual Machine). It
utilizes parallelization and integrates ZK proof technology to
facilitate dynamic, Turing-complete smart contracts on
Bitcoin. This novel approach dramatically improves
user experience and the trust assumptions made by
Bitcoin users, enabling a smooth and frictionless
experience while maintaining a trustless relationship with
dApps and protocols."
For further information, please contact:
Media@okx.com
About OKX Ventures
OKX Ventures is the investment arm of the second-largest
crypto exchange by trading volume 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.
Find out more about OKX Ventures here.
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SOURCE OKX Ventures