Bitcoin To Eat Ethereum? This $165M Fund Bets It Will

Major cryptocurrency exchange Okcoin partnered with Stacks Accelerator and Stacks Foundation to launch Bitcoin Odyssey, a project aiming to bring the decentralized application (DApp) ecosystem that Ethereum (CRYPTO: ETH) is known for to the Bitcoin (CRYPTO: BTC) blockchain.

What Happened: OKcoin announced the partnership in a Thursday tweet, stating that the parties involved pledged $165 million towards projects developing decentralized applications on Bitcoin and Stacks (CRYPTO: STX).

Bitcoin Odyssey will be led by Alex Chizhik, head of listings at Okcoin, and Kyle Ellicott, partner at Stacks Accelerator, and will invest in select projects that will grow the ecosystem of Bitcoin's Stacks layer ecosystem. Bitcoin Odyssey founders also include Digital Currency Group, GBV Capital, White Star Capital and GSR.

Stacks is a layer-1 blockchain with a built-in bridge to Bitcoin that supports the smart contract language Clarity, which is based on Algorand's (CRYPTO: ALGO) protocol. The solution is meant to introduce a decentralized application layer to Bitcoin to enable it to participate in the booming non-fungible token (NFT), decentralized finance (DeFi) and metaverse ecosystems that were born on the Ethereum blockchain.

Photo by Diana Polekhina on Unsplash