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    Stacks (STX) Surges After $165M Investment to Develop Broader DeFi Ecosystem on Bitcoin

    Cryptocurrency exchange OKCoin is investing $165 million into a small group of projects to develop decentralized applications (dApps) on the bitcoin blockchain.

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    Other venture capital firms including Digital Currency Group, White Star Capital, GSR, among others are also involved in the development of bitcoin-based dApps dubbed “The Bitcoin Odyssey.”

    OKCoin also announced a partnership with Stacks (STX) to achieve the projects mission towards a more advanced and capable bitcoin (BTC) ecosystem.

    STX, Stacks’ native token, spiked 75%, but corrected and closed on the day increasing 28% against the dollar.

    Alex Chizhik, head of listings at Okcoin, described the project in an interview for CoinDesk, a news outlet funded by Digital Currency Group.

    Alex Chizhik, Head of Listing at OkCoin

    “We don’t want to create a centralized fund that allocates dictated amounts,” said Chizhik.

    “What we want to do is essentially create a matchmaking service between the top-tier VCs and projects.”

    Chizhik emphasized BTC’s ability to remain as the most decentralized network, stating BTC “should remain at the epicenter of crypto adoption.”

    However, bitcoin is not Touring-complete; it cannot run dApps or execute complicated commands like traditional computers do. At this time, it’s unclear how the ambitions of Stacks and OKCoin are going to work.

    It has been hit hard by macroeconomic events, and although there was a breath of fresh air two days ago on the back of good news about the White House’s “crypto-friendly” stance, a further drop made the news about the fund a “meh” event among cryptocurrency traders.

    Bitcoin (BTC) has dropped 2.32% in the last 24 hours currently trading at $38 518.67, according to CoinPaprika.

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