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.”
