Tuesday, June 25, 2024
PR Newswire Area

OKX Ventures Leads Strategic Investment in Cross-Layer 2 Protocol Orbiter Finance

SINGAPORE, Jan. 24, 2024 /PRNewswire/ — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced that it has led a strategic investment in Orbiter Finance, a decentralized cross-Layer 2 (L2) protocol. Currently, Orbiter Finance is undergoing transformative product enhancements and is developing a zero knowledge (ZK) technology-based, omni-chain rollup on Ethereum.

Orbiter Finance is set to redefine its vision, transcending its initial role as a mere asset cross-rollup bridge. Over the last two years, Orbiter Finance has successfully processed over 12 million transactions, amassing a total of over US$7.8 billion in total transaction volume. The protocol boasts a robust user base exceeding three million and a thriving community of more than 700,000 users and fans.

In 2024, Orbiter Finance is poised to bring significant changes to the blockchain space as a ZK-tech-based, instant omni-chain rollup on Ethereum. The protocol has integrated ZK Simplified Payment Verification (SPV) to authenticate L2 transactions on the mainnet and to arbitrate fraudulent re-layers via EVM. This establishes an efficient, low-cost and quick communication mechanism for Ethereum. Thanks to the fund security ensured by ZK-SPV, Orbiter Finance can now extend complete access to the ‘Maker’ role, marking the final step in achieving the ultimate goal in blockchain infrastructure: decentralization.

OKX Ventures Founder Dora Yue said: “We’re thrilled to lead the strategic investment in Orbiter Finance, an L2 cross-chain bridge rooted in ZK technology. The protocol addresses traditional bridges’ limitations, such as speed, and enhances the efficiency of cross-chaining between various L2s and the ETH mainnet. Orbiter Finance currently supports over 19 L2 rollups and a multitude of native Ethereum assets. Orbiter Finance is an essential infrastructure for the L2 ecosystem. The team’s continuous product upgrades and relentless efforts towards ensuring more decentralized and trustless support for the growth of the L2 ecosystem in 2024 are commendable.”

To learn more about Orbiter Finance, click here.

For further information, please contact:

About OKX Ventures

OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 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.