An investment fund in China worth $165 million has been announced to help accelerate the adoption of bitcoin and blockchain technology. The company states that it would invest in projects focused on emerging markets.
The “is cryptocurrency legal” is a question that has been asked for a while now. Okcoin, one of the largest Bitcoin exchanges in China, has announced the launch of a $165 million collective investment to enhance Bitcoin adoption.
Digital Currency Group, White Star Capital, GBV Capital, and GSR, among others, have contributed to the Bitcoin Odyssey. The ‘Bitcoin Odyssey’ will begin on March 10th, according to the Okcoin crypto exchange, the Stacks Accelerator, and the Stacks Foundation. The Odyssey is a one-year pledge by investment firms to spend $165 million on innovative solutions to aid in the adoption of Bitcoin.
These companies, for example, are funding the Bitcoin Odyssey in response to the growing interest in decentralized finance (DeFi) and new technical possibilities enabled by Stacks. Alex Chizhik, Okcoin’s head of listings, and Kyle Ellicott, Stacks Accelerator’s partner, will co-lead the efforts.
The assets and funds will be used to fund projects that are built on Stacks, an open-source network for Bitcoin-based smart contracts, as well as the Bitcoin blockchain. Stacks 2.0, on the other hand, is a layer-1 blockchain with a built-in Bitcoin bridge.
The Algorand open-source technology is the foundation for the Clarity smart contract language. It’s the building block for Stacks 2.0. Stacks is a second-layer network that supplements the Bitcoin blockchain and allows for the purchase of nonfungible tokens (NFTs), decentralized lending, and other smart contract applications using Bitcoin.
The layer-1 network’s STX token has soared in value since its mainnet debut in January last year, reaching a market valuation of $3.7 billion. The Bitcoin Odyssey will choose initiatives that concentrate on Stacks and Bitcoin, as well as Web3-related solutions like as NFTs, Metaverse, Decentralized Finance (DeFi), blockchain-based play-to-earn games, and decentralized autonomous organizations (DAOs). It will also cover government technology, CityCoins, and a variety of other topics.
Aside from financing, the industry professionals will provide hands-on help to the Odyssey projects that have been selected.
