SINGAPORE, July 8, 2024
/PRNewswire/ -- To enhance the liquidity and the ecosystem for
Bitcoin, HTX Ventures, the global investment arm of
the cryptocurrency exchange HTX, has announced a
strategic investment in Lombard. Lombard is a restaking protocol
poised to catalyze growth across the Web3 ecosystem by transforming
Bitcoin from a static store of value into a productive
financial asset.
Lombard builds its restaking product on top of the
Bitcoin staking protocol Babylon, which allows
individuals to use Bitcoin to secure other
proof-of-stake networks. Lombard increases liquidity for staked BTC
by issuing LBTC, a liquid and yield-bearing representation of BTC.
LBTC can move seamlessly across chains and
decentralized finance (DeFi) platforms as
collateral without compromising security. LBTC will soon be
integrated into the most popular DeFi protocols on the
Ethereum Mainnet before launching on widely used Layer
2 (L2) chains later this year.
"Liquid restaking is the next revolution for the
Bitcoin Ecosystem, and Lombard is the project driving
this transformation," said Edward, Managing Partner at HTX
Ventures. "Lombard is rapidly expanding to onboard the LBTC token
onto major ecosystems and DeFi protocols. This will
enable Bitcoin to be lent, borrowed, and traded,
unlocking tremendous utility for Bitcoin holders
and revitalizing the BTC ecosystem. HTX Ventures is incredibly
excited to partner with Lombard to empower Bitcoin
holders and the broader BTC ecosystem."
"We are delighted to have HTX Ventures for investing in the
development of LBTC as a new core primitive. LBTC will unlock a
massive amount of net-new capital into the ecosystem and bring new
liquidity and users to DeFi protocols and exchange
platforms. HTX Ventures shares Lombard's mission to accelerate
on-chain finance and we look forward to building on these synergies
to accelerate the growth of LBTC," said Jacob Phillips, Co-founder, Lombard.
LBTC will soon be accessible to all and supported by all chains
and DeFi protocols. Join the LBTC Waitlist for
exclusive access to LBTC and rewards for early participation.
About Lombard
Named after the historic Lombard Street in London—a hub of
financial activity since the Middle Ages—Lombard symbolizes a place
where all participants are connected to opportunity. By adopting
the Lombard name, we rebuild its legacy on digital blocks,
transforming it into a modern nexus of innovation and
connectivity.
Founded in April 2024, Lombard is
dedicated to unlocking Bitcoin's potential as a
dynamic financial tool by connecting it to DeFi. We
are a diverse team of DeFi natives, working with
technology and infrastructure partners towards a shared,
ecosystem-driven mission to collectively onboard
Bitcoin to DeFi.
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates
investment, incubation, and research to identify the best and
brightest teams worldwide. With a decade-long history as an
industry pioneer, HTX Ventures excels at identifying cutting-edge
technologies and emerging business models within the sector. To
foster growth within the blockchain ecosystem, we provide
comprehensive support to projects, including financing, resources,
and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple
blockchain sectors, with select high-quality initiatives already
trading on the HTX exchange. Furthermore, as one of the most active
Fund of Funds (FOF) investors, HTX Ventures collaboratively forges
the blockchain ecosystem alongside premier global blockchain funds,
including Dragonfly, Bankless Ventures, Gitcoin, Figment, and
Animoca. Visit us here.
Contact Details
EE
glo-media@htx-inc.com
Company Website
https://www.htx.com/en-us/ventures
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SOURCE HTX