- OKX Ventures invested in Bitmap Tech’s Merlin Chain, a bitcoin scaling solution.
- As a Layer 2 protocol, Merlin Chain facilitates faster, cheaper bitcoin transactions.
- Bitmap plans to use the funding to develop offerings and boost bitcoin ecosystem liquidity.
OKX Ventures backs Bitmap Tech
Cryptocurrency exchange OKX’s venture capital arm OKX Ventures has invested an undisclosed amount into Bitmap Tech, the company behind the Merlin Chain bitcoin scaling solution.
Merlin Chain works as a Layer 2 protocol built on top of the Bitcoin blockchain, with the aim of facilitating faster and cheaper transactions.
The funding comes just days after OKX Ventures participated in a $100 million round for Hong Kong-based crypto firm HashKey Group.
“We have high expectations for Bitmap Tech to integrate more original and comprehensive Bitcoin services,” said OKX Ventures founder Dora Yue, signaling the firm’s bullish outlook on Merlin Chain’s potential.
Merlin Chain boosted by investment
As a native Bitcoin sidechain, Merlin Chain enables assets, protocols, and products to harness the security of the Bitcoin blockchain while benefiting from the efficiency gains of a Layer 2 solution.
Bitmap Tech plans to use the new capital to develop its offerings further and boost liquidity across the Bitcoin ecosystem.
The investment by OKX Ventures, which has $100 million allocated for early-stage crypto projects, further validates the growing interest in scaling solutions for enhancing the usage of blockchains like Bitcoin.
With transaction fees rising and settlement times slowing over the past year, Layer 2 protocols have attracted heightened attention for tackling these adoption barriers.
