SEC - Page 134

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Pelosi Considers Backing GOP-Led Crypto Bill FIT21, Amid Democratic Division and Industry Support

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Former United States House of Representatives Speaker Nancy Pelosi is reportedly considering supporting the Republican-led crypto bill, the Financial Innovation and Technology for the 21st Century Act (FIT21).

According to U.S. political magazine The American Prospect, Pelosi, now Speaker Emerita and no longer in the Democratic Party leadership, may endorse the bill that could be voted on in the House on May 22.

FIT21 aims to clarify the division of authority over crypto assets between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

If enacted, the bill would revise the 90-year-old Howey test, which determines what assets are considered securities, and would largely remove crypto from SEC oversight.

The crypto industry has welcomed FIT21, as many believe it clarifies the currently ambiguous regulatory framework for digital assets.

Mark Hays, a senior policy analyst on fintech with Americans for Financial Reform, stated to The American Prospect that “the bill delivers what the industry has sought for some time: a regulatory regime mostly dominated by the CFTC, which has been far more accommodating of the industry.”

If Pelosi backs the bill, she would be opposing key Democrats like Maxine Waters and David Scott, who both stand against it.

However, leaked emails indicate they will not rally House Democrats to vote against it.

READ MORE: Pyth Price Feeds Launches on Orange – A UGC-Focused L1 Blockchain

Pelosi’s potential support for the pro-crypto bill is part of a broader trend among some Democrats warming to crypto, with analysts suggesting this may be an effort to gain support from pro-crypto voters.

For instance, a possible SEC U-turn on spot Ether fund approvals is seen as part of this effort.

Nevertheless, financial reform groups and anti-crypto Democrats argue that the bill would dismantle decades of financial regulations to favor the crypto industry.

“This is not about supporting crypto; this is about trying to navigate the threat of promises from super PACs,” said Hays.

The crypto industry has leveraged super PACs—political action committees that can raise unlimited funds—to back pro-crypto candidates in the upcoming U.S. elections.

Opposing Democrats, such as Senator Elizabeth Warren, view these super PACs as a significant threat as crypto gains influence in this year’s elections.

On May 21, North Carolina Representative Wiley Nickel urged lawmakers to support FIT21 to prevent the SEC from “turning cryptocurrency regulation into a political football.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

BlackRock Dominates Bitcoin ETF Market with $290M Inflow, Driving Total ETF Inflows Over $300M

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On Tuesday, May 21, BlackRock‘s spot Bitcoin exchange-traded fund (ETF) dominated the market, accounting for 95% of the total inflows into United States spot Bitcoin ETFs. Together, these ETFs saw over $300 million in net inflows.

Preliminary data from Farside Investors revealed that BlackRock’s iShares Bitcoin Trust (IBIT) experienced substantial inflows of $290 million on May 21. The combined net inflow for all eleven ETF issuers was $305.7 million.

This marks the highest inflow for BlackRock’s ETF since April 5, breaking a six-week streak of negligible inflows.

The recent figure surpasses the total inflows for the previous 21 trading days combined.

In total, spot Bitcoin ETFs have attracted more than $1 billion over the last four trading days amid a volatile Bitcoin rally.

With these latest numbers, BlackRock’s fund has reached $16 billion in total inflows since its inception, according to Farside Investors.

Nonetheless, the official product website lists the assets under management (AUM) at $19 billion.

This brings BlackRock’s IBIT close to the industry leader, Grayscale, which reports $20 billion in AUM for its Grayscale Bitcoin Trust (GBTC) ETF.

On May 21, GBTC recorded zero outflows, marking five consecutive days without a net outflow.

Over the past five days, it has seen inflows totaling $72.5 million, ending a four-month streak of steady outflows.

READ MORE: Global Bitcoin ATM Numbers Decline for the First Time Since July 2023

However, not all ETFs fared well on Tuesday.

The VanEck Bitcoin Trust ETF experienced outflows of $5.9 million, while the Bitwise Bitcoin ETF saw $4.2 million in outflows.

Conversely, the Fidelity Wise Origin Bitcoin Fund had minor inflows of $25.8 million, while the others remained unchanged.

The surge in Bitcoin ETF inflows has been fueled by a recent rise in BTC prices, which climbed 12% over the past week.

On May 21, BTC hit a six-week high of $71,600 but dropped below $70,000 in early Asian trading on May 22. At the time of writing, it was priced at $69,444.

Additionally, speculation that the U.S. Securities and Exchange Commission might approve spot Ether ETFs has lifted crypto markets since May 20.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Alex Labs Recovers $3.9 Million in Crypto from BNB Smart Chain Bridge Exploit

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Bitcoin layer-2 developer Alex Labs has successfully frozen over $3.9 million worth of cryptocurrency exploited from its BNB Smart Chain bridge, according to a May 16 social media post.

The team stated that the attacker sent the funds to various centralized exchanges (CEXs), enabling the funds to be frozen with the cooperation of these exchanges.

The team announced that it recovered the entire balances for 17 different tokens, including “all aBTC, sUSDT, xBTC, xUSD, ALEX, atALEX, LiSTX, LUNR, SKO, CHAX, $B20, ORDG, ORMM, ORNJ, TRIO, TX20 and STXS.”

Additionally, $13.7 million worth of Stacks (STX) tokens were exploited. Of these, the attacker mistakenly sent “about 3 million” to centralized exchanges.

A linked spreadsheet shows STX balances at each exchange used by the hacker, revealing that $3.7 million is held at exchanges, while $9.6 million remains in wallets under the attacker’s control.

The attacker accessed the funds by taking control of a private key linked to one of the bridge’s “vaults.”

However, “The smart contract code and infrastructure underlying ALEX were not compromised,” the team asserted.

Alex Labs has offered a 10% bounty to the attacker and a promise not to prosecute if they return 90% of the stolen funds.

READ MORE: Param Labs Raises $7 Million to Revolutionize Web3 Gaming Infrastructure

They are also preparing a police report to be filed if negotiations fail.

Given the possibility that not all funds will be recovered, the team is “evaluating deployment of $ALEX reserves held by ALEX Lab Foundation.”

These reserves may support a “treasury grant program” to compensate users who lost funds in the attack.

Due to the significant amount of STX tokens exploited, the team may propose a Stacks network upgrade to freeze the remaining funds and mint new tokens for the victims.

Network upgrades to freeze an attacker’s coins are rare but not unprecedented. Similar actions were taken during the 2016 Ethereum DAO hack and the PopcornSwap rug pull on the BNB Smart Chain.

However, such upgrades are rarely approved, and in the PopcornSwap case, the upgrade froze funds but did not reimburse investors.

Alex Labs stated it continues to monitor the attacker’s addresses with “multiple alarms” to prevent further cash outs.

Recently, Alex Labs is not the only Bitcoin layer-2 bridge attacked. On May 17, the XLink bridge was also compromised, losing $10 million.

A white-hat hacker managed to recover $4.3 million of the stolen funds.

The XLink attack mirrored the one against Alex, with the attacker using a phishing technique to obtain the team’s private key for unauthorized withdrawals.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Kraken Affirms No Plans to Delist Tether in Europe Amid MiCA Compliance Review

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Cryptocurrency exchange Kraken has stated it has “no plans” to delist Tether (USDT) in Europe, contrary to a recent report suggesting the firm was “actively reviewing” the decision to remain legally compliant.

“[Kraken] continues to list USDT in Europe and we have no plans to delist at this time,” said Mark Greenberg, Kraken’s global head of asset growth and management, in a May 18 X post.

Greenberg emphasized that the firm will adhere to all legal requirements, even those it disagrees with. “But the rules are not finalized yet and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”

A May 17 Bloomberg article had reported that Kraken was “actively reviewing” plans to comply with the European Union’s upcoming Markets in Crypto-Assets Regulation (MiCA) framework.

“We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT,” said Marcus Hughes, Kraken’s global head of regulatory strategy, at the time.

READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes

“It’s something that we’re actively reviewing, and as the position becomes clearer, we can take firm decisions on that.”

The rules governing stablecoins under MiCA are set to take effect on June 30, while the broader rules for cryptocurrency service providers will come into force six months later on December 30.

One of Kraken’s major competitors, OKX, delisted USDT in Europe in March.

Binance also announced similar plans last September, citing the need to comply with MiCA, but has yet to follow through.

In April, Kraken ceased support for the Monero privacy token for its customers in Belgium and Ireland.

Despite these regulatory challenges, Kraken has been expanding its services in Europe.

The exchange recently secured a virtual asset service provider registration in Spain and the Netherlands, along with an electronic money institution license in Ireland.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bitcoin Hovers Near $67,000 as Traders Eye Key Resistance and Support Levels

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Bitcoin hovered around $67,000 on May 19, with spot price liquidity strengthening as the week came to a close.

Data from Cointelegraph Markets Pro and TradingView indicated that bulls maintained the week’s upward trend, pushing month-to-date gains above 10%.

Popular trader Daan Crypto Trades identified $72,000 as the significant resistance zone.

“Price did take out a big cluster around 67.4K but there’s still some big levels at ~$68K. ~$72K onwards is where most liquidity lies atm,” he shared on X, along with a CoinGlass chart.

He noted, “Below, most has been cleared with the recent downtrend, first noteworthy level would be the ~$60K region.”

Closer to the spot price, liquidity was concentrated around $66,500 and $67,800.

Daan Crypto Trades also emphasized the importance of Bitcoin’s 100-day moving average (MA) as a long-term support level.

“This will be a good indicator going forward to gauge mid/high timeframe momentum,” he commented.

“Trader and analyst Rekt Capital offered an optimistic perspective, suggesting that only a 1% BTC price increase was needed to usher in a new bull market phase. “

READ MORE: Australian Man Pleads Guilty to Promoting BitConnect

BTC only needs to drop an additional -1% to perform the post Bull Flag breakout retest attempt in an effort to secure trend continuation to the upside,” he explained while analyzing daily timeframes.

In contrast, trader and commentator Credible Crypto offered a more cautious view on recent BTC price action.

An X post on May 17 suggested that the upside was nearly exhausted and that BTC/USD might retest $60,000 or lower.

“At this point, I think we will, at minimum, tag the 59-60k region,” he warned, sharing a chart.

“The blue zone at 62-63k is still an area of interest that may offer some temporary relief, but ultimately I think it will give way.”

Credible Crypto further noted that altcoins would likely experience sharper declines if Bitcoin dropped to the $59-60k range.

“A move down to 59-60k on $BTC is a 10% drop- on many alts their respective drops will be much more,” he concluded.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Multipool Launches LBP on Fjord Foundry Raising $200k in 24 Hours

Majuro, Marshall Islands, May 22nd, 2024, Chainwire

Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours. Making waves in the crypto industry, Multipool is taking a leading role in the marketplace transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies.

“I’m thrilled with the strong response from the community so far, we’ve reached $200k on Fjord Foundry on day one. We’re off to a fantastic start in the LBP and I can’t wait to see how far we go over the next 48 hours. Stay tuned and GET MULLED” Wojciech Kaszycki, a Core Contributor at Multipool.

The LBP offers crypto enthusiasts the chance to participate in a next-generational crypto project which is aiming to take RWAs & Crypto to the mass market. Following the close of the LBP, Multipool will launch publicly on Uniswap V3.

Multipool Partnerships

Multipool is supported by some of the industry’s best companies, including BSO, Mobilum, NxGen, Hacken, and IMMIN8 Labs. Leveraging their knowledge, contacts, experience and expertise, Multipool aims to make waves in the industry and give users the opportunity to never have CEX again.

To learn how to participate in the Fjord Foundry LBP, refer to the guide here.

For more information on Multipool and its features, please visit:

Website – www.multipool.finance

Telegram – t.me/multipoolfi

X – www.x.com/multipoolfi

About Multipool

Multipool is a cutting-edge decentralized exchange (DEX) transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. Multipool is designed for fairness and equality, featuring a fully decentralized on-chain order book, deep liquidity through dynamic bracket pools, and seamless trading of RWAs and cryptocurrencies. Utilizing world-class innovations including industry-first FIX APIs, low latency networks, zero price impact auctions, trustless RFQs, peer-to-peer repo lending, and MEV bot protection, Multipool sets a new standard in DeFi trading. Experience unparalleled efficiency and security in your trading journey with Multipool – The DEX with CEX appeal.

https://www.multipool.finance/

Multipool is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Contact

Public Relations Manager
Angie Hermosa
Multipool
press@multipool.finance

PrimeXBT to democratise financial markets with total revamp and upgraded product offering

Majuro, Marshall Islands, May 22nd, 2024, Chainwire

Leading Cryptocurrency broker, PrimeXBT, has just launched a total revamp of its brand, website, and all-in-one platforms, as part of its vision to “democratise the financial markets” and “make investing available to all”. 

PrimeXBT’s new look and feel debuts alongside equally substantial upgrades to the broker’s product offering, including lower fees across 100+ CFD markets, increased leverage on Crypto CFDs, and new fiat payment options, aiming to offer traders more for less. This is in addition to offering traders the ability to buy popular Cryptocurrencies like BTC, ETH, USDT, and USDC outright. The revamp is accompanied by a campaign simply titled “We listen”, where the Crypto broker reveals that a lot of the upgrades were inspired by client feedback.

Additional upgrades to PrimeXBT’s offering include a substantially improved user experience across its website, webtrader, and app. The revamped PrimeXBT website now also features a ‘News’ section, so traders can get the latest news and insights from the Crypto world, and other CFD markets. Finally, the broker also debuted a new Partnership Program. Crypto Affiliates can earn up to $2,500 in CPA per client, and Introducing Brokers (IBs) can get up to 50% RevShare, making PrimeXBT’s the most competitive program currently on the market.

Aleksandr Khvoinitskii, Head of Crypto Growth for PrimeXBT had this to say:“Our vision at PrimeXBT has always been to provide people with easy and immediate access to the markets, as well as the education and tools they need to succeed, regardless of their experience. We want to give the world control over their finances, once and for all, and we believe this revamp brings us closer to realising that vision.”

The Crypto broker’s core brand values are clearly displayed on the upgraded PrimeXBT website; innovation, client-focus, empowerment, and transparency. All four are in clear focus with this wide-reaching revamp. The addition of new tools to the broker’s webtrader and app attest to innovation, while the simplified user experience empowers traders of all levels to take control of their finances. Making the language used across its website and platforms as clear and easy-to-understand as possible shows transparency, while helping build trust with their users. Finally, all of the changes and upgrades clearly reflect PrimeXBT’s client-focus, incorporating user feedback to improve the overall experience on offer.

Users can learn more about the products and services PrimeXBT offers.

About PrimeXBT

PrimeXBT offers the only all-in-one trading platform that allows clients to buy and sell Cryptocurrencies, and use them to trade 100+ popular markets including Crypto Futures, and CFDs on Crypto, Forex, Indices, Stocks, and Commodities. Since being founded in 2018, PrimeXBT has grown exponentially to serve 1,000,000+ traders in 150+ countries all around the world. Clients enjoy the confidence of trading with an award-winning brand, committed to security, and benefit from round-the-clock support.

Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. Virtual assets are inherently volatile and subject to significant value fluctuations, which could result in substantial gains or losses. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. PrimeXBT does not accept clients from Restricted Jurisdictions as indicated in our website. 

Contact

PrimeXBT
pr@primexbt.com

Common AMM launches on Aleph Zero: The First Step Towards Releasing the Ultimate ZK DeFi Suite

Zug, Switzerland, May 21st, 2024, Chainwire

Cardinal Cryptography, core developer of the zero-knowledge, privacy-focused blockchain Aleph Zero, announced today the launch of Common Automated Market Maker (AMM), the first mainnet release of a novel DeFi platform, Common. Positioned as a decentralized exchange (DEX), Common’s Automated Market Maker (AMM) delivers a user-friendly trading experience, complete with the built-in bridge between Aleph Zero and Ethereum, MOST, and the initial rollout of the platform’s broader capabilities. 

Introducing Common AMM and Bridging on Aleph Zero

With the Common AMM rollout, Common takes the first step on a journey to becoming a multi-chain DeFi suite designed to optimize the trading experience by addressing trading efficiency, enhancing on-chain confidentiality, and boosting liquidity–all while ensuring users retain full custody over their assets. Rooted in research developed by Cardinal Cryptography and Nethermind, Common will transcend traditional trading platforms by integrating a comprehensive all-in-one app experience. This will include a built-in wallet, seamless on- and off-ramps, and IBAN account integrations, setting a new standard in user convenience and financial integration. 

Launched on Aleph Zero, Common AMM embodies the network’s commitment to on-chain privacy, robust security, and high performance within a user-friendly framework. 

Key Features of Common AMM Now Live:

  • Liquidity Pools and Farming: Allows users to provide liquidity and to potentially earn through farming, starting May 21st.
  • Bridging: Common AMM includes a built-in bridge between Aleph Zero and Ethereum called MOST, which allows users to seamlessly move assets between the different networks.
  • Swapping Mechanism: Enables straightforward token exchanges, to be enabled on May 23rd, after a liquidity building period.

Looking forward, Common is set to expand into a full-scale DeFi suite, as detailed in the Common Whitepaper. Future upgrades will include a privacy-enhanced order book, comprehensive solutions for institutional trading, as well as support for EVM-based blockchains. These features are built on Aleph Zero’s commitment to data confidentiality and regulatory compliance, addressing the needs of an evolving DeFi environment. 

Common Drops: A New Reward Initiative

Concurrent with the launch, the Common Drops campaign will reward the community’s engagement. These tokens, initially non-transferable, will later be redeemed for CMN, the platform’s native token, after it goes live. Users can participate in Drops by staking AZERO and providing liquidity in Common AMM. 

For more information, users can refer to the latest blog post. 

Navigating Regulatory Challenges with Privacy-Focused Solutions

As regulatory landscapes evolve, Common offers a robust platform that aims to seamlessly blend stringent compliance with financial privacy. 

Uses can experience seamless trading on Common AMM today and follow the development of the Common platform as it evolves to become the ultimate privacy DeFi suite. 

For more information about Common, users can visit https://common.fi/ and read the Common Whitepaper. Users can already try the app on the Aleph Zero Mainnet.

About Aleph Zero

Aleph Zero is a layer 1 blockchain engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via Zero Knowledge Proofs. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications that are supported by Aleph Zero programs.

For more information, users can visit https://alephzero.org/ 

For media inquiry

Josh Adams, josh@serotonin.co 

Contact

PR Manager
Josh Adams
Cardinal Cryptography
josh@serotonin.co

Sui Sets New Standard for Blockchain Transaction Speeds

Grand Cayman, Cayman Islands, May 21st, 2024, Chainwire

Set to hit Mainnet this summer, Sui’s new Mysticeti protocol cuts consensus latency down to 390 ms.

Sui, the pioneering Layer 1 blockchain that offers industry-leading performance and infinite horizontal scaling, today announced the successful deployment of Mysticeti, its latest consensus protocol, on Sui Testnet. This significant breakthrough reduces consensus time on Sui’s public Testnet by 80 percent at 390 milliseconds while maintaining the protocol’s industry-leading throughput. This impressive demonstration confirms that Sui is the fastest consensus layer in the industry.

Developed from deep research into Byzantine fault tolerance (BFT) consensus mechanisms, Mysticeti represents a significant advancement from Narwhal-Bullshark, the consensus algorithms Sui launched into its Mainnet a year ago, achieving unprecedented transaction speeds and reducing CPU requirements for validators. This enhancement extends Sui’s impressive low latency performance to all transaction types across the network.

Sui’s uniquely object-oriented architecture enables the network to process transactions differently based on the characteristics of the transaction and the objects involved. On Sui, transactions involving only “owned objects”, such as peer-to-peer transfers, do not require consensus. Instead, they follow a fast-path execution that can be completed in a shorter time. In contrast, transactions involving the same shared object, for example, transactions involving marketplaces, auctions or collaborative game assets, do require consensus. In the past, that meant more processing latencies. Mysticeti changes that, by processing shared object transactions using an optimized version of BFT consensus. The Mysticeti design involves minimal cross-validator communication and fully takes advantage of network bandwidth in order to maintain high throughput.

“Mysticeti represents a major leap forward, not just for Sui but for blockchain technology as a whole,” said George Danezis, Co-founder and Chief Scientist of Mysten Labs which originated the Sui Network and pioneer of global research on BFT consensus. “It reduces consensus latency to what we understand to be its lower limits while retaining the benefits of high capacity and low computation cost. It also allows transaction processing faster than consensus within the same protocol, a feature unique to Sui. Mysticeti is yet another instance of Sui pushing the boundaries of what blockchain technology can achieve.”

Results on Testnet have been remarkable, demonstrating the capability to commit transactions with an 80% reduction in latency compared to Narwhal. The enhancement implemented by Mysticeti significantly decreases complexity and optimizes resource use, allowing the Sui network to handle tens of thousands of transactions per second with latencies well below one second.

These advancements are critical as Sui continues to cement its position at the pinnacle of blockchain speed and scale, and provide a seamless experience for developers and users at scale. 

“Mysticeti’s launch is the result of a successful collaboration between research, engineering, and our validator community,” said Dmitri Perelman, Head of Engineering at Mysten Labs. “The lessons we learned from building and tuning previous-generation consensus in production provided the context and inspiration for the researchers to come up with the new protocol. After the first Mysticeti prototype demonstrated undeniable performance superiority, the engineering team was fully onboard and the next-gen consensus implementation is being rolled out to Mainnet with the support of validators in a matter of months.”

Kevin Nelson, Co-Founder of Aftermath Finance said, “With Mysticeti, Mysten has proven that the DAG-based structure can surpass state-of-the-art performance in both consensus throughput and, importantly, latency. At Aftermath, we are excited to see Mysticeti roll out on testnet and even more excited for when it will touch the hands of our users with its release on Mainnet. Moreover, we are looking forward to taking advantage of Mysticeti’s new design to provide a better end-to-end experience on Aftermath.”

Greg Siourounis, Sui Foundation Managing Director added, “Low latency and fast transaction speeds have always been fundamental to Sui’s value as a top choice for builders, and with Mysticeti, the developer experience gets even better. This breakthrough once again showcases an ongoing and relentless focus on innovation, unlocking new possibilities for the types and quality of decentralized applications that can be built on Sui.”

The key innovations of Mysticeti are detailed in the newly published paper, “Mysticeti: Low-Latency DAG Consensus with Fast Commit Path,” which shows the scalability of this new technology and is available for review.

Contact

Sui Foundation
media@sui.io

Velar Collaborates With Build on Bitcoin (BOB) for PerpDex Launch

Panama City, Panama, May 21st, 2024, Chainwire

Pioneering Bitcoin DeFi developer Velar has announced that it is partnering with BOB (Build on Bitcoin) to support the launch of Velar Artha, the world’s first Perpetual Decentralized Exchange (PerpDex) on Bitlayer’s EVM-compatible Bitcoin Layer 2.

BOB will provide technical support to optimize the development and mainnet launch of Velar Artha, drawing upon its best-in-class developer tooling, analytics, wallets, and blockchain infrastructure. This will accelerate the launch of the PerpDex and ensure that it is anchored by a strong technical foundation.

Velar Artha will form a first of its kind PerpDex within the Bitcoin ecosystem that combines the security of Bitcoin with the developer-friendly tooling facilitated by EVM compatibility. The decentralized exchange will go live on Bitlayer, the Bitcoin Layer 2 that supports the EVM. As one of the first strategic partners to assist with Artha’s deployment, BOB will play a critical role in overseeing its security, decentralization and UI/UX.

Velar CEO Mithil Thakore said: “Collaborating with BOB for the launch of Velar Artha PerpDex marks a pivotal moment for us. Being one of their initial projects, the first PerpDex underscores the mutual trust and shared vision between Velar and BOB. We’re excited to pioneer this journey together, pushing the boundaries of Bitcoin DeFi and delivering value to the Bitcoin community.”

Co-founder of BOB, Alexei Zamyatin, added: “We are excited to see Velar’s progress to launch on BOB. The Velar team is one of the high-potential Bitcoin DeFi builders in the space and we look forward to working with them on boosting their user and TVL growth as part of BOB’s DeFi ecosystem.”

BOB operates a hybrid L2 that combines the security of Bitcoin with the versatility of Ethereum. It enables developers familiar with EVM to start building on Bitcoin instantly. This allows projects to reduce time to market by taking advantage of a tailor-made Bitcoin developer suite.

Velar Artha will allow Bitcoin users to make perpetual swaps for assets including BTC and to open leveraged long and short positions. This will introduce a vital DeFi building block to the Bitcoin ecosystem whose composability will support further integrations. It will unlock dormant capital on Bitcoin while allowing DeFi innovation to flourish.

About Velar

Velar is on a mission to unlock Bitcoin’s true potential by developing a suite of powerful tools and products for DeFi. Known for creating the world’s first perpetual decentralized exchange (Perp DEX) on Bitcoin, Velar realizes the full value of Bitcoin-based assets within an ecosystem anchored by strong transaction finality and unrivaled security. 

Learn more: https://www.velar.com/ 

Contact

Avishay Litani
pr@marketacross.com

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