Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Bitcoin To Eat Ethereum? This $165M Fund Bets It Will

Published 11/03/2022, 16:39
Updated 11/03/2022, 17:12
©  Reuters Bitcoin To Eat Ethereum? This $165M Fund Bets It Will
OMEX
-
BTC/EUR
-
BTC/USD
-
ODYC
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
BTC/JPY
-
BTC/GBP
-
BTC/GBP
-

Major cryptocurrency exchange Okcoin partnered with Stacks Accelerator and Stacks Foundation to launch Bitcoin Odyssey, a project aiming to bring the decentralized application (DApp) ecosystem that Ethereum (CRYPTO: ETH) is known for to the Bitcoin (CRYPTO: BTC) blockchain.

What Happened: OKcoin announced the partnership in a Thursday tweet, stating that the parties involved pledged $165 million towards projects developing decentralized applications on Bitcoin and Stacks (CRYPTO: STX).

Bitcoin Odyssey will be led by Alex Chizhik, head of listings at Okcoin, and Kyle Ellicott, partner at Stacks Accelerator, and will invest in select projects that will grow the ecosystem of Bitcoin's Stacks layer ecosystem. Bitcoin Odyssey founders also include Digital Currency Group, GBV Capital, White Star Capital and GSR.

Stacks is a layer-1 blockchain with a built-in bridge to Bitcoin that supports the smart contract language Clarity, which is based on Algorand's (CRYPTO: ALGO) protocol. The solution is meant to introduce a decentralized application layer to Bitcoin to enable it to participate in the booming non-fungible token (NFT), decentralized finance (DeFi) and metaverse ecosystems that were born on the Ethereum blockchain.

Photo by Diana Polekhina on Unsplash

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.