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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