An altcoin designed to bring smart contracts and decentralized applications (DApps) to Bitcoin has soared 30% in a short time following the partnership with OKCoin.
Millions of dollars are allocated to Bitcoin DApps
Stacks (STX) is up 30% today after news of a partnership with OKCoin to accelerate the growth of the broader DeFi ecosystem in Bitcoin. The official OKCoin announcement also mentioned the $165 million investment:
We partner with Stacks. StacksStartups and its venture partners will form the next part of Bitcoin. We call this effort the Bitcoin Odyssey. Together, we commit $165 million to projects developing decentralized applications on BTC and it.
Altcoin floats on news of massive financial support from OKCoin
OKCoin exchange announced a partnership with Stacks to bring the highlights of the Web 3.0 revolution to the Bitcoin Blockchain. As OKCoin announced on their social media accounts, they decided to offer $165 million to a group of projects to develop decentralized applications on Bitcoin. The project, called The Bitcoin Odyssey, is supported by other venture capital firms such as Digital Currency Group, White Star Capital, GSR, among others. Alex Chizhik, head of listings at OkCoin, explained that the venture will be managed jointly and will not be taken as an absolute hierarchical structure where all decisions are made. Chizhik added the following explanations for its goals:
We do not want to create a central fund that allocates dictated amounts. What we want to do is essentially create a communication service between top VCs and projects.
Chizhik highlights the potential of Bitcoin to be the most decentralized network in the entire ecosystem, and argues that for this very reason, “crypto adoption should remain at the epicenter.”
Altcoin price rose 75% within hours
cryptocoin.com As we reported, STX lost 30% on the day after rising 75%, indicating that sellers are more enthusiastic and optimistic despite the conditions. However, it’s important to note that STX has a market cap of only $1.5 billion, so this type of price action isn’t surprising. Currently, it is trading around $1.37.
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