OKX Ventures (the investment arm of leading crypto exchange and Web3 technology company OKX) announced its seed round investment in B² Network, the first EVM-compatible rollup based on zero-knowledge (ZK) proof verification commitment on Bitcoin and the first data availability (DA) layer for Bitcoin rollups.
B² Network is a Bitcoin Layer 2 network that leverages ZK rollup and an on-chain logical gate commitment verification mechanism. And its goal is to address the scalability challenges of Bitcoin while maintaining its core principles of decentralization, trustless operations and a transparent ledger.
This network is EVM-compatible, developer-friendly, and supports users with both Bitcoin and Ethereum account addresses, intending to broaden the utility and influence of Bitcoin and its emerging derivative assets in the Web3 space. And it provides a DA layer for other Bitcoin rollups, accelerating the expansion of the BTC ecosystem.
KEY QUOTE:
“We are honored to invest in B² Network. The Bitcoin ecosystem has seen tremendous growth over the past year. However, its diversity of applications has been restricted by its Turing incompleteness, transaction costs and network congestion. On the other hand, B² Network being EVM-compatible, addresses Bitcoin’s scalability issue while diversifying the Bitcoin ecosystem. It allows interoperability between Ethereum and Bitcoin for on-chain application development. This addresses the challenges and needs of the Bitcoin network, fostering the future development of its ecosystem.”
— OKX Ventures Founder Dora Yue
