OKX Ventures, the funding arm of Web3 expertise firm OKX, has unveiled its May-June 2024 bi-monthly funding report. The report highlighted strategic investments in 4 altcoin tasks – Bedrock, Codatta, GoPlus, and Nubit.
Firms comparable to OKX Ventures and Binance Labs usually make investments in early crypto startups which have but to launch their altcoins. However, group members consider that investments from such companies trace in direction of airdrop or token technology occasions shortly.
Why OKX Ventures Invested in These 4 Altcoin Projects
Leading the funding lineup is Bedrock, a multi-asset liquid restaking protocol. This platform has enhanced the security of digital property with its non-custodial options. Partnering with business stalwarts like RockX, Babylon, EigenLayer, and IoTeX, Bedrock has launched quite a lot of uniTokens, comparable to uniBTC and uniETH.
These tokens reward customers for staking on corresponding networks. Moreover, Bedrock removes minimal deposit necessities, democratizing entry to staking rewards.
Read extra: How To Fund Innovation: A Guide to Web3 Grants
Next, Codatta is a challenge that claims to be the primary decentralized knowledge protocol for builders, protocols, and artificial intelligence functions. It goals to spice up knowledge transparency and integrity in the crypto ecosystem by providing important metadata annotation capabilities. The protocol ensures knowledge accuracy and reliability by integrating AI and community-validated strategies, constructing belief, and enhancing scalability in blockchain applied sciences.
On the safety entrance, GoPlus introduces a complete safety layer for Web3, safeguarding each stage of the transaction lifecycle. As an open and permissionless platform, GoPlus gives customers superior instruments to guard their actions throughout numerous blockchain environments. Its on-chain firewall, able to blocking high-risk transactions in actual time, considerably strengthens ecosystem safety.
Lastly, Nubit is a challenge that calls itself a safe and scalable Bitcoin knowledge availability layer. It tackles important knowledge throughput constraints inside the Bitcoin network, growing its capability for supporting functions like ordinal numbers and Layer-2 solutions. Utilizing superior consensus mechanisms and Data Availability Sampling (DAS), Nubit ensures the integrity and availability of information, considerably bettering knowledge retrieval effectivity.
Last month, Nubit raised $12 million in an funding spherical led by Polychain Capital. However, OKX Ventures has not elaborated on the monetary phrases of those investments.
Read extra: Crypto Hedge Funds: What Are They and How Do They Work?
Nonetheless, the agency’s investments reveal a deep-seated perception in the crypto sector’s development potential.
“Positive momentum is growing in the cryptocurrency industry, fueled by technological innovation, increased institutional investment, the macroeconomic environment, growing adoption, and advancements in the regulatory environment,” OKX Ventures said.
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