SINGAPORE, July 8, 2024 /PRNewswire/ -- To enhance the liquidity and the ecosystem for Bitcoin, HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has announced a strategic investment in Lombard. Lombard is a restaking protocol poised to catalyze growth across the Web3 ecosystem by transforming Bitcoin from a static store of value into a productive financial asset.
Lombard builds its restaking product on top of the Bitcoin staking protocol Babylon, which allows individuals to use Bitcoin to secure other proof-of-stake networks. Lombard increases liquidity for staked BTC by issuing LBTC, a liquid and yield-bearing representation of BTC. LBTC can move seamlessly across chains and decentralized finance (DeFi) platforms as collateral without compromising security. LBTC will soon be integrated into the most popular DeFi protocols on the Ethereum Mainnet before launching on widely used Layer 2 (L2) chains later this year.
"Liquid restaking is the next revolution for the Bitcoin Ecosystem, and Lombard is the project driving this transformation," said Edward, Managing Partner at HTX Ventures. "Lombard is rapidly expanding to onboard the LBTC token onto major ecosystems and DeFi protocols. This will enable Bitcoin to be lent, borrowed, and traded, unlocking tremendous utility for Bitcoin holders and revitalizing the BTC ecosystem. HTX Ventures is incredibly excited to partner with Lombard to empower Bitcoin holders and the broader BTC ecosystem."
"We are delighted to have HTX Ventures for investing in the development of LBTC as a new core primitive. LBTC will unlock a massive amount of net-new capital into the ecosystem and bring new liquidity and users to DeFi protocols and exchange platforms. HTX Ventures shares Lombard's mission to accelerate on-chain finance and we look forward to building on these synergies to accelerate the growth of LBTC," said Jacob Phillips, Co-founder, Lombard.
LBTC will soon be accessible to all and supported by all chains and DeFi protocols. Join the LBTC Waitlist for exclusive access to LBTC and rewards for early participation.
About Lombard
Named after the historic Lombard Street in London-a hub of financial activity since the Middle Ages-Lombard symbolizes a place where all participants are connected to opportunity. By adopting the Lombard name, we rebuild its legacy on digital blocks, transforming it into a modern nexus of innovation and connectivity.
Founded in April 2024, Lombard is dedicated to unlocking Bitcoin's potential as a dynamic financial tool by connecting it to DeFi. We are a diverse team of DeFi natives, working with technology and infrastructure partners towards a shared, ecosystem-driven mission to collectively onboard Bitcoin to DeFi.
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including Dragonfly, Bankless Ventures, Gitcoin, Figment, and Animoca. Visit us here.
Contact Details
EE
glo-media@htx-inc.com
Company Website
https://www.htx.com/en-us/ventures
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