Flash News: OKX Ventures Announces Seed Round Investment in Arch Network, a Bitcoin-Native Application and Smart Contract Platform

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May 09, 2024, 12:30 ET

SINGAPORE, May 9, 2024 /PRNewswire/ -- OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, has issued updates for May 9, 2024.

OKX Ventures Announces Seed Round Investment in Arch Network, a Bitcoin-Native Application and Smart Contract Platform

OKX Ventures today announced its participation in the seed investment round for Arch Network, a Bitcoin-native application and smart contract platform.

Arch Network is the first Bitcoin-native application platform, enabling bridgeless DeFi on the world's largest blockchain. It is a parallelized, proof-of-stake network that leverages zero-knowledge proof (ZK proof) technology to enhance Bitcoin-native programmability. The network consists of a Rust-based zkVM, called the ArchVM, and a decentralized verifier network. Together, these components form a trustless execution environment directly within the Bitcoin blockchain, allowing for bridgeless trading experiences.

OKX Ventures Founder Dora Yue said: "We are delighted to invest in Arch Network, a Bitcoin-native application platform that takes inspiration from the SVM (Solana Virtual Machine). It utilizes parallelization and integrates ZK proof technology to facilitate dynamic, Turing-complete smart contracts on Bitcoin. This novel approach dramatically improves user experience and the trust assumptions made by Bitcoin users, enabling a smooth and frictionless experience while maintaining a trustless relationship with dApps and protocols."

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About OKX Ventures

OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, with an initial capital commitment of USD 100 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.

Disclaimer

SOURCE OKX Ventures