A $165 million effort to make bitcoin better

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A group of blockchain financiers has actually devoted $165 million to make bitcoin more of a force in the decentralized financing and app advancement world.

Why it matters: Bitcoin has actually long been thought about simply a shop of worth, while a lot of hardcore blockchain app advancement has actually been concentrated on ethereum and other chains.

Driving the news: Okcoin, in addition to the Stacks Accelerator and Stacks Foundation, stated it released what they’re calling Bitcoin Odyssey, an effort to put cash into groups developing BTC-based clever agreement applications.

  • “If we’re right, we’re about to see a lot more DeFi jobs being developed on top of bitcoin,” Alex Chizhik, Bitcoin Odyssey’s co-chair, informsAxios “I’m delighted to see a renaissance of advancement on the bitcoin blockchain.”
  • Participating companies consist of Digital Currency Group, Genesis Block Ventures, White Star Capital, and GSR.
  • This effort looks for to make bitcoin– still without a doubt the biggest cryptocurrency by market cap– better to designers.

How it works: Stacks is an open-source network that runs in parallel with the bitcoin blockchain and makes it possible for BTC to be utilized for a lot of the very same clever agreement applications as ETH– consisting of decentralized financing and NFT buying.

  • The Bitcoin Odyssey effort will support bitcoin- and Stacks- focused jobs dealing with things like the metaverse, play-to-earn video gaming, DeFi, NFTs, DAOs, and other locations.
  • Selected jobs will get financing along with hands-on help and assistance on job scaling, clever agreement advancement, recruiting, market making, and other locations.

This story initially appeared in Axios Pro’s Fintech Deals newsletter. Start your totally free trial

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