This article comes from: Medium
Original author: HTX Ventures
Original compilation: Odaily Kate
HTX Ventures, the global investment arm of cryptocurrency exchange HTX, has taken a key step in increasing the diversity of the Bitcoin ecosystem by announcing a strategic investment in BounceBit. This investment underscores HTX Ventures’ commitment to fostering innovation and supporting breakthrough technologies in the blockchain and cryptocurrency space.
BounceBit is building a BTC re-staking infrastructure to provide a base layer for different re-staking products, with security provided by compliant custodians Mainnet Digital and Ceffu. BounceBit Chain aims to showcase the re-staking products in the BounceBit ecosystem. It is a PoS Layer 1 where validators simultaneously re-stake BTC and BounceBits native tokens to ensure their security - this is a platform that utilizes native Bitcoin security A unique dual-token system, fully compatible with EVM. Critical ecosystem infrastructure such as bridges and oracles are secured by re-collateralized BTC. Through its innovative CeFi + DeFi framework, BounceBit enables BTC holders to earn across multiple networks.
BounceBit has successfully completed a $6 million funding round aimed at building a robust BTC restaking infrastructure. This round of financing provides it with the necessary capital and brings together a pool of expertise and resources that will be important to achieve BounceBit’s goals.
Edward Chen, Managing Partner at HTX Ventures, shared insights into the program:"BounceBit attempts to use centralized custody to solve the consensus and trust issues of Bitcoin sidechains based on the traditional sidechain architecture. In the current situation, a centralized plus decentralized Bitcoin ecosystem solution may be a viable approach. The products design mechanism and team have demonstrated competitiveness and imagination in this field"。
BounceBit founder and CEO Jack Lu acknowledged the significance of this round of investment, saying:"The expertise and support of investors like HTX Ventures will help us in our mission to build re-staking infrastructure that enables all types of Bitcoin to generate yield across a variety of networks.
BounceBit has seen early results, generating $445 million in TVL within three weeks of its Early Access launch. The innovative core of BounceBit stems from its BTC Restaking mechanism. This relatively new concept is the basis of the project. BounceBit will build a large amount of infrastructure to explore Restaking application scenarios for various types of Bitcoin. These infrastructure components are called Shared Security Clients (SSC).
The first shared security client BounceBit will showcase will be its BTC Restaking Chain. BounceBit Chain is secured by validators staking both BTC and BounceBit’s native token – a dual-token system that leverages the security, liquidity and low volatility of native Bitcoin. Unlike existing second-layer solutions, BounceBit interacts with Bitcoin only at the asset level rather than the protocol level, using the Layer 1 Proof of Stake method. BTC Restaking provides shared security to the infrastructure and DApps on BounceBit, such that bridges and oracles will be verified by restaking BTC.
Another highlight of BounceBit is its transparent CeFi foundation, which ensures the security of user assets through the regulated custody of Mainnet Digital and Ceffu while leveraging on-chain asset traceability. Through innovative CeFi + DeFi infrastructure, BounceBit enables BTC holders to earn income through triangular arbitrage strategies while receiving the additional protection of an insurance fund.
BounceBit will launch mainnet in April, coinciding with the Bitcoin halving. The testnet is scheduled to launch in early March. Early TVL participants have the opportunity to earn BounceBit points at bouncebit.io.
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About BounceBit
BounceBit is building a BTC re-staking infrastructure to provide the base layer for different re-staking products, secured by regulated custody from Mainnet Digital and Ceffu. Designed to showcase re-staking products in the BounceBit ecosystem, BounceBit Chain is a PoS Layer 1 where validators simultaneously verify BTC and BounceBits native tokens to ensure their security - it is a platform that leverages native Bitcoin security and Dual-token system with full EVM compatibility. Critical ecosystem infrastructure such as bridges and oracles are secured by re-collateralized BTC. Through its innovative CeFi + DeFi framework, BounceBit enables BTC holders to earn across multiple networks.
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About HTX Ventures
HTX Ventures is the global investment arm of HTX, integrating investment, incubation and research to discover the best teams around the world. As an industry pioneer, HTX Ventures has a decade-long history and is good at discovering cutting-edge technologies and emerging business models in the industry. To promote the development of the blockchain ecosystem, HTX Ventures provides comprehensive support to projects, including financing, resources and strategic advice.
HTX Ventures currently supports more than 200 projects covering multiple blockchain fields, and some of these high-quality projects have been traded on the HTX Exchange. In addition, as one of the active Funds of Funds (FOF) investors, HTX Ventures works with top global blockchain funds such as IVC, Shima and Animoca to build a blockchain ecosystem.
