SINGAPORE, July 8, 2024 /CNW/ — To reinforce the liquidity and the ecosystem for Bitcoin, HTX Ventures, the worldwide funding arm of the cryptocurrency change HTX, has introduced a strategic funding in Lombard. Lombard is a restaking protocol poised to catalyze progress throughout the Web3 ecosystem by reworking Bitcoin from a static retailer of worth right into a productive monetary asset.
Lombard builds its restaking product on prime of the Bitcoin staking protocol Babylon, which permits people to make use of Bitcoin to safe different proof-of-stake networks. Lombard will increase liquidity for staked BTC by issuing LBTC, a liquid and yield-bearing illustration of BTC. LBTC can transfer seamlessly throughout chains and decentralized finance (DeFi) platforms as collateral with out compromising safety. LBTC will quickly be built-in into the preferred DeFi protocols on the Ethereum Mainnet earlier than launching on extensively used Layer 2 (L2) chains later this 12 months.
“Liquid restaking is the next revolution for the Bitcoin Ecosystem, and Lombard is the project driving this transformation,” stated Edward, Managing Associate at HTX Ventures. “Lombard is rapidly expanding to onboard the LBTC token onto major ecosystems and DeFi protocols. This will enable Bitcoin to be lent, borrowed, and traded, unlocking tremendous utility for Bitcoin holders and revitalizing the BTC ecosystem. HTX Ventures is incredibly excited to partner with Lombard to empower Bitcoin holders and the broader BTC ecosystem.”
“We are delighted to have HTX Ventures for investing in the development of LBTC as a new core primitive. LBTC will unlock a massive amount of net-new capital into the ecosystem and bring new liquidity and users to DeFi protocols and exchange platforms. HTX Ventures shares Lombard’s mission to accelerate on-chain finance and we look forward to building on these synergies to accelerate the growth of LBTC,” stated Jacob Phillips, Co-founder, Lombard.
LBTC will quickly be accessible to all and supported by all chains and DeFi protocols. Be part of the LBTC Waitlist for unique entry to LBTC and rewards for early participation.
About Lombard
Named after the historic Lombard Road in London—a hub of monetary exercise because the Center Ages—Lombard symbolizes a spot the place all members are linked to alternative. By adopting the Lombard title, we rebuild its legacy on digital blocks, reworking it into a contemporary nexus of innovation and connectivity.
Based in April 2024, Lombard is devoted to unlocking Bitcoin‘s potential as a dynamic monetary software by connecting it to DeFi. We’re a various workforce of DeFi natives, working with expertise and infrastructure companions in the direction of a shared, ecosystem-driven mission to collectively onboard Bitcoin to DeFi.
About HTX Ventures
HTX Ventures, the worldwide funding division of HTX, integrates funding, incubation, and research to determine the perfect and brightest groups worldwide. With a decade-long historical past as an business pioneer, HTX Ventures excels at figuring out cutting-edge applied sciences and rising enterprise fashions throughout the sector. To foster progress throughout the blockchain ecosystem, we offer complete help to tasks, together with financing, sources, and strategic recommendation.
HTX Ventures at the moment backs over 300 tasks spanning a number of blockchain sectors, with choose high-quality initiatives already buying and selling on the HTX change. Moreover, as some of the energetic Fund of Funds (FOF) traders, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier world blockchain funds, together with Dragonfly, Bankless Ventures, Gitcoin, Figment, and Animoca. Go to us right here.
Contact Particulars
EE
[email protected]
Firm Web site
https://www.htx.com/en-us/ventures
SOURCE HTX