Crypto platform Okcoin is joining hands with the Stacks Foundation and the Stacks Accelerator to create what it’s calling the Bitcoin Odyssey, which will see $165 million put towards bitcoin adoption.
Bitcoin Odyssey Will Push for the Adoption of Crypto
Bitcoin is still very much in a “speculative” state. While there are several people out there that view the currency as a tool for getting rich and building wealth, many individuals and companies alike are nervous about employing bitcoin for payments and other financial operations. They are concerned about the volatility that often comes with bitcoin, and don’t want their finances placed in territory that can be considered too much of a risk.
Bitcoin Odyssey is looking to change everybody’s minds by promoting crypto adoption. Only through valid adoption can bitcoin ultimately shed its volatile image and become a standard tool for payments and assorted transactions. Firms participating in the project include Digital Currency Group, GSR, and White Star Capital. All these firms will work to ensure their resources are allocated to projects and enterprises built atop the Stacks network, an open-source network for BTC-based smart contracts.
Alex Chizhik – the head of listings at Okcoin – will serve as the co-chair for the Bitcoin Odyssey project. In a statement, he explained:
The Bitcoin Odyssey is recalibrating capital and resources back to the foundation of cryptocurrency, and that starts with bitcoin and Stacks. While the rise of NFTs and altcoins dominated public attention in 2021, there is still a lot of work to be done for digital assets to be adopted globally in meaningful ways. As the only currency that is truly decentralized, we believe bitcoin should remain at the epicenter of crypto adoption.
The Bitcoin Odyssey is what Chizhik calls a response to the growing number of institutional investments that are now flooding the digital currency scene. Many institutions now view crypto and the world of decentralized finance (defi) as valid investment arenas that can potentially grow wealth and stabilize one’s portfolio. Thus far, the defi industry’s valuation has grown to exceed $3.7 billion.
Stacks has worked hard to ensure that bitcoin’s capabilities include decentralized lending. In addition, the company has also opened the door to non-fungible token (NFT) purchases and smart contract applications, which were initially only utilized by Ethereum and similar blockchains such as TRON. Stacks has made bitcoin and smart contracts compatible.
The Industry Keeps Getting Bigger
Stacks Accelerator partner Kyle Ellicott said in an interview:
Last year, we witnessed a record-setting amount of venture capital invested throughout web3, and now we’re watching that narrative transition towards including the beginnings of defi on bitcoin. Thus far, we have seen self-repaying loans, borrowing and lending, yield generating NFTs, and new protocols including the maturing City Coins protocol, all on BTC. Bitcoin Odyssey is going to empower the next wave of founders and projects building decentralized applications on bitcoin.