On December 14th, OKX Ventures announced a strategic investment in the stablecoin protocol bitSmiley on the BTC ecosystem. The protocol allows users to over-collateralize native BTC to mint stablecoin bitUSD on the BTC network. In addition, bitSmiley includes lending and derivatives protocols, aiming to provide a new financial ecosystem for Bitcoin. Previously, bitSmiley was selected as a high-quality project in the BTC hackathon jointly held by ABCDE and OKX Ventures in November this year.
Dora, founder of lead investor OKX Ventures, said: "As the original credit cornerstone of the crypto industry, Bitcoin is not only the absolute value benchmark of the industry, but also represents the original innovation of the crypto industry. With the BRC-20 protocol and Ordinals as opportunities, a series of technological innovations such as Lightning Network, Stacks, RGB, Taproot, EVM Layer2, and bitVM are iterating faster. Based on this, stablecoin protocol bitSmiley demonstrates its competitiveness in the stablecoin field with the Fintegra framework. We look forward to its upcoming test version in the next quarter, bringing unlimited possibilities for expanding the DeFi and more application scenarios of the Bitcoin ecosystem."