OKX Ventures Invests in Lombard to Enhance Bitcoin (BTC) Restaking Ecosystem
Felix Pinkston Jul 03, 2024 04:30
OKX Ventures announces investment in Lombard to transform Bitcoin into a dynamic financial asset with LBTC, enhancing utility and liquidity.
OKX Ventures, the investment arm of the prominent Web3 technology company OKX, has announced its strategic investment in Lombard. This move aims to revolutionize the Bitcoin (BTC) restaking ecosystem by transforming Bitcoin from a static store of value into a dynamic and productive financial asset, according to OKX Ventures.
Transforming Bitcoin with LBTC
Lombard’s flagship product, LBTC, is designed to be a liquid and yield-bearing version of Bitcoin. This innovative asset aims to move seamlessly across chains and serve as collateral within decentralized finance (DeFi) ecosystems. The initiative is expected to unlock over $1.3 trillion worth of idle Bitcoin for lending, borrowing, and trading, thereby providing new capital opportunities for Bitcoin holders and attracting new users to various ecosystems and DeFi protocols.
Strategic Vision and Collaboration
Lombard is committed to enhancing Bitcoin’s utility and liquidity by uniting major ecosystems and DeFi protocols to onboard LBTC. The team behind Lombard includes experienced executives from notable companies such as Argent, Coinbase, and Maple, bringing significant expertise in scaling and operating DeFi ventures.
Collaboration with Babylon
Further strengthening its market position, Lombard has collaborated with Babylon. Babylon’s Staking Protocol allows Bitcoin assets to be staked in a trustless and self-custodial manner, providing economic security for Proof-of-Stake (PoS) systems. Through this collaboration, staked Bitcoin assets are transformed into LBTC, enabling their integration across widely used DeFi protocols on Ethereum Mainnet and other popular Layer 2 and Layer 1 chains.
To learn more about Lombard, visit their official site and join the LBTC Waitlist for exclusive access and early participation rewards: https://www.lombard.finance/#LBTC_waitlist.
About OKX Ventures
OKX Ventures is the investment arm of the leading crypto exchange and Web3 technology company OKX. With an initial capital commitment of USD 100 million, OKX Ventures focuses on exploring top blockchain projects globally, supporting cutting-edge blockchain technology innovation, and promoting the healthy development of the global blockchain industry. By investing in long-term structural value, OKX Ventures aims to support entrepreneurs who contribute to the blockchain sector’s growth, providing global resources and historical experience to innovative blockchain projects.
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