Okcoin has now launched Bitcoin Odyssey to support Bitcoin-related initiatives
Cryptocurrency exchange Okcoin has launched the Bitcoin Odyssey, a year-long pledge by venture capital companies to invest $165 million in solutions that speed the Bitcoin adoption.
Digital Currency Group, the parent company of CoinDesk, as well as GSR and White Star Capital, are among the participants.
Along with the Stacks Accelerator and Stacks Foundation, Bitcoin Odyssey has launched. The funds will be used to develop solutions based on Stacks, an open-source network for Bitcoin-based smart contracts on the blockchain.
The funds will be used to support Web 3 solutions such as the metaverse, play-to-earn games, DeFi, NFTs, and DAO. CityCoins and GovTech are two more areas of interest.
The Bitcoin Odyssey project will be led by co-chairs Alex Chizhik, head of listings at Okcoin, and Stacks Accelerator Partner Kyle Ellicott.
“We don’t want to create a centralized fund that allocates dictated amounts,” Alex Chizhik told CoinDesk in an interview. “What we want to do is essentially create a matchmaking service between the top-tier VCs and projects.”
“There’s no fixed allocated amount. There’s no minimum amount that we will give to each project,” he continued.
Odyssey’s initial funding goal was $100 million, which was shortly exceeded. Alex Chizhik and Ellicott both said they’ve received calls from venture capital firms interested in joining the pledge.
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