OKX Ventures leads strategic investment in Orbiter Finance

PRNewswireJanuary 24, 20244 min

OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, announced that it has led a strategic investment in Orbiter Finance, a decentralized cross-Layer 2 (L2) protocol. Currently, Orbiter Finance is undergoing transformative product enhancements and is developing a zero knowledge (ZK) technology-based, omni-chain rollup on Ethereum.

Orbiter Finance is set to redefine its vision, transcending its initial role as a mere asset cross-rollup bridge. Over the last two years, Orbiter Finance has successfully processed over 12 million transactions, amassing a total of over US$7.8 billion in total transaction volume. The protocol boasts a robust user base exceeding three million and a thriving community of more than 700,000 users and fans.

In 2024, Orbiter Finance is poised to bring significant changes to the blockchain space as a ZK-tech-based, instant omni-chain rollup on¬†Ethereum. The protocol has integrated ZK Simplified Payment Verification (SPV) to authenticate L2 transactions on the mainnet and to arbitrate fraudulent re-layers via EVM. This establishes an efficient, low-cost and quick communication mechanism for¬†Ethereum. Thanks to the fund security ensured by ZK-SPV, Orbiter Finance can now extend complete access to the ‘Maker’ role, marking the final step in achieving the ultimate goal in blockchain infrastructure: decentralization.

OKX Ventures Founder¬†Dora Yue¬†said:¬†“We’re thrilled to lead the strategic investment in Orbiter Finance, an L2 cross-chain bridge rooted in ZK technology. The protocol addresses traditional bridges’ limitations, such as speed, and enhances the efficiency of cross-chaining between various L2s and the¬†ETH¬†mainnet. Orbiter Finance currently supports over 19 L2 rollups and a multitude of native¬†Ethereum¬†assets. Orbiter Finance is an essential infrastructure for the L2 ecosystem. The team’s continuous product upgrades and relentless efforts towards ensuring more¬†decentralized¬†and trustless support for the growth of the L2 ecosystem in 2024 are commendable.”

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