SINGAPORE, Jan. 25, 2024 — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced its seed round investment in B² Network, the first EVM-compatible rollup based on zero-knowledge (ZK) proof verification commitment on Bitcoin and the first data availability (DA) layer for Bitcoin rollups.
B² Network is a Bitcoin Layer 2 network that utilizes ZK rollup and an on-chain logical gate commitment verification mechanism. Its goal is to address the scalability challenges of Bitcoin while maintaining its core principles of decentralization, trustless operations and a transparent ledger. The network is EVM-compatible, developer-friendly, and supports users with both Bitcoin and Ethereum account addresses, intending to broaden the utility and influence of Bitcoin and its emerging derivative assets in the Web3 space. Additionally, it provides a DA layer for other Bitcoin rollups, accelerating the expansion of the BTC ecosystem.
OKX Ventures Founder Dora Yue said: “We are honored to invest in B² Network. The Bitcoin ecosystem has seen tremendous growth over the past year. However, its diversity of applications has been restricted by its Turing incompleteness, transaction costs and network congestion. On the other hand, B² Network being EVM-compatible, addresses Bitcoin‘s scalability issue while diversifying the Bitcoin ecosystem. It allows interoperability between Ethereum and Bitcoin for on-chain application development. This addresses the challenges and needs of the Bitcoin network, fostering the future development of its ecosystem.”
To learn more about B² Network, click here.
For further information, please contact:
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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.
SOURCE OKX Ventures
