Talk to any cryptocurrency enthusiast about DeFis, Dapps DAOs, NFTs and they will not think of Bitcoin. OKCoin however wants to change that.
Today, the Asian exchange announced a partnership with Stacks to bring the highlights of the WEB3 revolution to the Bitcoin blockchain – and the investment to achieve this is strong.
OKCoin and Stack Are Working Together to Create a More Advanced, Capable Bitcoin Ecosystem
OKCoin shared the following information on its social networks: They decided to give $165 million to a group of projects that aims to develop decentralized applications for Bitcoin.
The project, called The Bitcoin Odyssey by the founders, is being supported by venture capital firms like White Star Capital, Digital Currency Group, and GSR.
In an interview for CoinDesk —a crypto news outlet funded by Digital Currency Group— Alex Chizhik, head of listings at Okcoin, explained that the initiative would be jointly managed and would not be taken as an absolute hierarchical structure where all decisions are centralized:
“We don’t want to create a centralized fund that allocates dictated amounts. What we want to do is essentially create a matchmaking service between the top-tier VCs and projects.”
Chizhik highlighted Bitcoin’s potential as the most decentralized network in the entire ecosystem, asserting that precisely for this reason, it “should remain at the epicenter of crypto adoption.”
However, Bitcoin is not Touring complete. That is, it cannot run dApps or support complex instructions in the way a traditional computer could. OKCoin and Stacks have great ambitions for Bitcoin.
Markets react: Bitcoin goes down, Stacks goes up; Way up
Markets had mixed reactions.
Bitcoin has yet to recover from its continuing downtrend.
It has been hit hard by macroeconomic events, and although there was a breath of fresh air two days ago on the back of good news about the White House’s “crypto-friendly” stance, a further drop made the news about the fund a “meh” event among cryptocurrency traders.
In contrast, STX, Stacks’ native token, spiked 75%, but corrected and closed the day with 28% growth against the dollar and 34% against BTC, showing that the hodlers of this cryptocurrency were indeed more enthusiastic and optimistic despite the circumstances.
It is important to remember that STX’s capitalization is only $1.5B. Therefore, price movements of this kind are not surprising. The token currently trades at $1.4.