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Okcoin introduces $165M unified funding to increase Bitcoin adoption

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Digital Currency Group, GBV Capital, White Star Capital, and GSR are some of the firms that have contributed to the Bitcoin Odyssey.

The "Bitcoin Odyssey," a one-year pledge among investment companies to fund $165 million in innovative methods to assist increase Bitcoin (BTC) adoption, was launched on Thursday by crypto exchange Okcoin, the Stacks Accelerator, and the Stacks Foundation.

The Bitcoin Odyssey is being supported by Digital Currency Group, GBV Capital, White Star Capital, GSR, and many others, in response to the increasing interest in decentralized finance (DeFi) and the new technological capabilities provided by Stacks.

The project will be co-led by Alex Chizhik, Okcoin's head of listings, and Kyle Ellicott, a partner at Stacks Accelerator. The funds and assets will be utilized to fund projects based on Stacks, an open-source network for Bitcoin-based smart contracts, and also the Bitcoin blockchain.

Stacks 2.0 is a layer-1 blockchain with an integrated Bitcoin bridge. Stacks 2.0 is based on the Clarity smart contract language, which is centered on Algorand's open-source protocol. Stacks is a second-layer network that operates in collaboration with the Bitcoin blockchain to enable decentralized lending, nonfungible token (NFT) purchasing, as well as other smart contract applications.

The layer-1 network's STX token has had a market cap of $3.7 billion ever since the mainnet release in January 2021. The Bitcoin Odyssey will choose initiatives based on Bitcoin and Stacks, and also Web3 solutions like the Metaverse, blockchain-based play-to-earn gaming, DeFi, NFTs, decentralized autonomous organizations, and also CityCoins, government technology, and other sectors. Industry experts will give active support to the Odyssey projects in addition to money.

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