If you talk to any crypto fanatic about DeFi, Dapps, DAOs, NFTs, they are unlikely to think of Bitcoin as the first relevant blockchain, but OKCoin wants to change that.
Today, the Asian exchange announced a partnership with Stack to bring highlights of the WEB3 revolution to the bitcoin blockchain – and the investments are strong to achieve that.
OKCoin and Stacks Work Towards a More Advanced, Enabling Bitcoin Ecosystem
As OKCoin explained on their social network, they decided to provide $165 million to a group of projects aimed at developing decentralized applications on bitcoin.
The project, which he called The Bitcoin Odyssey, is backed by other venture capital firms such as Digital Currency Group, White Star Capital, GSR, among others.
In an interview for CoinDesk – a crypto news outlet funded by Digital Currency Group – Alex Chizik, head of listing at Okcoin, explained that the initiative will be jointly managed and will not be taken as a complete hierarchical structure where all Decisions are centralized:
“We do not want to create a centralized fund that allocates fixed amounts. What we want to do is essentially create a matchmaking service between top tier VCs and projects.”
Chizic highlighted bitcoin’s potential as the most decentralized network in the entire ecosystem, adding that for precisely this reason, it “should remain at the center of cryptocurrency adoption.”
However, it is worth noting that bitcoin is not Touring-complete, that is, it is not capable of running dApps or supporting complex instructions like a traditional computer, so the bitcoin ambitions of Stax and OKCoin were really an odyssey. Huh.
Market reaction: Bitcoin goes down, heap goes up; way up
There was a mixed reaction of the markets to this news.
Bitcoin is yet to recover from its ongoing downtrend.
It has been heavily influenced by macroeconomic events, and although two days ago there was a breath of fresh air behind the good news about the White House’s “crypto-friendly” stance, another drop made the news about the fund “meh” Gave. “Phenomena among cryptocurrency traders.
In contrast, STX, Stax’s native token, rose 75%, but corrected and closed the day with a rise of 28% against the dollar and 34% against BTC, indicating that holders of this cryptocurrency were under the circumstances. In spite of that were actually more enthusiastic and optimistic.
However, it is important to note that the capitalization of STX is only $1.5B, so this type of price movement is not surprising. Currently, the coin is trading around $1.4.
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