Venture Capital Arm of KuCoin Invests in Bitcoin Layer-2 Project
KuCoin’s venture capital division has announced its investment in Dovi, a layer-2 solution for Bitcoin that is compatible with the Ethereum Virtual Machine smart contract platform. The investment aims to support Dovi in achieving its product and market goals. Lou Yu, the head of KuCoin Labs, emphasized their commitment to incubating and investing in the Bitcoin ecosystem, aiming to bring innovative applications to the industry. Dovi has partnerships with crypto exchange OKX and CoinMarketCap. Notably, Dovi has yet to release a testnet. The investment comes at a time when there is growing popularity in ordinals, which are data inscribed in satoshis to create non-fungible tokens on Bitcoin’s network. This surge in ordinals has led to a significant increase in transaction fees on the blockchain.
Hot Take: KuCoin’s Investment in Dovi Highlights Growing Interest in Bitcoin Layer-2 Solutions
KuCoin’s venture capital arm’s investment in Dovi demonstrates the increasing interest and support for layer-2 solutions for Bitcoin. As the demand for ordinals and non-fungible tokens on the Bitcoin network grows, layer-2 solutions like Dovi provide scalability and efficiency improvements. By investing in Dovi, KuCoin Labs aims to contribute to the development of the BTC ecosystem and bring innovative applications to the industry. This investment also highlights the need for solutions to address the rising transaction fees on the Bitcoin blockchain caused by the surge in ordinals. Overall, this partnership between KuCoin and Dovi showcases the ongoing evolution and expansion of the cryptocurrency landscape.
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