UTXO Stack, a groundbreaking platform aiming to enhance Bitcoin’s capabilities through a Layer2 blockchain, has successfully closed its seed funding round with support from prominent crypto-native VCs ABCDE and SNZ Capital. The seed round also saw investments from CKB Eco Fund and a consortium of investors including OKX Ventures, Waterdrip Capital, Matrixport, and more.
Developed by the CELL Studio team, UTXO Stack comes at a pivotal moment in Bitcoin’s evolution, offering solutions to challenges faced by developers as the cryptocurrency transitions into a complex platform supporting various digital assets. By leveraging Bitcoin’s native UTXO model, UTXO Stack enables developers to build high-performance parallel chains, ensuring compatibility with the Bitcoin blockchain while enhancing scalability and security.
One of the key features of UTXO Stack is the incorporation of the RGB++ protocol, which introduces advanced transaction verification and asset transfer management. This protocol, along with isomorphic bindings, facilitates seamless asset transfers on the Bitcoin network, revolutionizing how transactions are conducted and enhancing operational efficiency.
The platform’s staking mechanism provides an additional layer of security for assets on the launched chains, allowing nodes to earn block rewards by staking various assets like BTC and CKB. Cipher, the visionary behind UTXO Stack and the RGB++ protocol, emphasized the platform’s potential to offer a scalable UTXO Layer2 solution for Bitcoin, promoting interoperability across blockchain networks.
Baiyu, a Partner at CKB Eco Fund, highlighted the unique advantages UTXO Stack offers over other Layer 2 solutions, particularly in light of the increasing issuance of UTXO assets based on the RGB++ protocol. With its innovative approach and promising features, UTXO Stack is set to revolutionize the Bitcoin ecosystem and drive it to new heights of success.
