OKCoin Announces $165 Million Program for Bitcoin and Stacks DApp Developers

Key highlights:

• The OKCoin crypto exchange has announced a $165 million program to invest in developers building DApps on Bitcoin and Stacks
• Stacks is a smart contracts platform that leverages the security of the Bitcoin network
• The STX markets responded very positively to the news

OKCoin teams up with VCs to launch $165 million program for Bitcoin and Stacks DApp developers

The Okcoin cryptocurrency exchange has announced Bitcoin Odyssey, a program designed to fund developers of decentralized applications on Bitcoin and Stacks. The name “Bitcoin Odyssey” might be confusing to those who are not familiar with the Stacks platform, but the explanation is quite simple. Stacks is a smart contracts platform that derives its security from the Bitcoin network. 

For the Bitcoin Odyssey program, Okcoin partnered with the Stacks Accelerator, Stacks Foundation and a group of venture capital firms. The list includes crypto industry heavyweight Digital Currency Group, GSR, White Star Capital, OKX Blockdream Ventures and other VCs. 

The founders of the Bitcoin Odyssey program have pledged a combined $165 million to decentralized application developers using Bitcoin and the Stacks platform. 

CoinDesk reports that the program’s initial target of $100 million was raised due to demand from investors. The publication spoke to Okcoin’s head of listings Alex Chizhik, who serves as a co-chair of the Bitcoin Odyssey program. Chizhik said that the fund hasn’t set a specific amount that will be allocated to the projects it invests in. Instead, it will be focusing on connecting promising projects with suitable venture capital firms:

“We don’t want to create a centralized fund that allocates dictated amounts. What we want to do is essentially create a matchmaking service between the top-tier VCs and projects.”

Stacks is a blockchain platform that uses a mechanism called Proof-of-Transfer to benefit from the security of the Bitcoin network. Network participants who want to earn STX by adding new blocks to the Stacks blockchain have to spend BTC in order to do so. STX holders, on the other hand, can “stack” their tokens to earn BTC rewards.

The markets for STX, the native coin of Stacks, responded very positively to the news. STX jumped from below $1.10, hitting a peak at around $1.80. After a correction, STX is changing hands at $1.49 and is currently posting a +34% 24-hour change.