Stacks (STX) Surges Upon News of Big Financial Support by OKCoin

Talk to any cryptocurrency enthusiast about DeFis, Dapps DAOs, NFTs and they will not think of Bitcoin. OKCoin however wants to change that.

The Asian exchange has announced a partnership agreement with Stacks in order to bring the best of the WEB3 revolution onto the Bitcoin blockchain. This is a significant investment.

OKCoin and Stack Are Working Together to Create a More Advanced, Capable Bitcoin Ecosystem

OKCoin shared the following information on its social networks: They decided to give $165 million to a group of projects that aims to develop decentralized applications for Bitcoin.

The project, called The Bitcoin Odyssey by the founders, is being supported by venture capital firms like White Star Capital, Digital Currency Group, and GSR.

Interview with CoinDesk, a crypto news outlet that is funded by Digital Currency Group –Alex Chizhik, Okcoin’s head of listings, stated that the initiative would be managed jointly and not as a hierarchical structure in which all decisions are made centrally.

“We don’t want to create an centralized fund that allocates predetermined amounts. We want to create a matchmaking service between top-tier VCs, projects and we don’t want that.

Chizhik highlighted Bitcoin’s potential to be the most decentralized network within the ecosystem and stated that it “should stay at the epicenter for crypto adoption.”

It is important to note that Bitcoin isn’t Touring-complete. This means it can’t run dApps, or support complex instructions the same way a conventional computer would. So the Bitcoin ambitions at Stacks and OKCoin have been a bit of an odyssey.

Markets react: Bitcoin goes down, Stacks goes up; Way up

The news was met with mixed reactions by the markets.

Bitcoin is still not able to recover its current downtrend.

Prices of Bitcoin in 24-hour candlesticks Source: Tradingview

It has been hard hit by macroeconomic events. Although there was some good news two days ago about the White House’s “cryptofriendly” stance on cryptocurrency, traders deemed the news about this fund to be a “meh” event.

STX, Stacks native token, rose 75% but then corrected and closed the day with 28% and 34% growth against the dollar, respectively. This shows that the hodlers for this cryptocurrency were more optimistic and enthusiastic than ever despite the conditions.

Price of Stacks, 24-hour candlesticks Source: Tradingview

It is important to remember that STX’s capitalization is only $1.5B. Therefore, price movements of this kind are not surprising. The token currently trades at $1.4.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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