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HomeAsiaOKX Ventures makes investment in Bitcoin DeFi protocol DLC.Link

OKX Ventures makes investment in Bitcoin DeFi protocol DLC.Link

Singapore-based OKX Ventures, the investment arm of global cryptocurrency exchange and Web3 technology company OKX, has made an undisclosed investment in DLC.Link. DLC.Link utilizes the power of Discreet Log Contracts (DLCs) to create a trustless connection between Bitcoin and Ethereum.

The goal of DLC.Link is to bring DeFi innovation to the Bitcoin ecosystem while maintaining security, decentralization, and user experience. By partnering with institutions known as dlcBTC Merchants, DLC.Link mints dlcBTC, a decentralized wrapped Bitcoin. Unlike other wrapped Bitcoin types, dlcBTC does not require Bitcoin deposits to be stored with a custodian or transferred to another blockchain.

To mint dlcBTC, Bitcoin depositors wrap their collateral by locking it into a DLC that can only be paid out to the original depositor, ensuring theft-proof protection. Additionally, dlcBTC is designed to be more resistant to censorship compared to current forms of wrapped Bitcoin.

Aki Balogh, co-founder of DLC.Link, stated: “wBTC has achieved Top 15 token status, despite its centralized custody model. In contrast, dlcBTC is the only wrapped Bitcoin created from self-custody. DLCs, introduced to Bitcoin in 2021, enable a theft-proof wrapping mechanism without the need for a bridge or L2 chain. dlcBTC has the potential to drive Bitcoin adoption in DeFi and become a Top 10 token.”

With an initial investment commitment of US$100 million, OKX Ventures is dedicated to discovering the best blockchain projects globally, supporting cutting-edge blockchain technology, promoting the growth of the blockchain industry, and investing in long-term value.

OKX recently announced that its Singapore subsidiary OKX SG received provisional approval for a Major Payment Institution License (MPI) in Singapore, allowing it to offer digital payment tokens and cross-border money transfer services in the country.

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This article was originally published on e27.

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