SINGAPORE, Nov. 15, 2023 (GLOBE NEWSWIRE) -- OKX Ventures, the investment arm of leading Web3 technology company OKX, has issued updates for November 16, 2023.
OKX Ventures Makes a Seed Round Investment in Type 2.5 zkEVM Kakarot
OKX Ventures today announced its seed round investment in Kararot, a Type 2.5 Zero-Knowledge Ethereum Virtual Machine (zkEVM) written in Cairo, a Scalable Transparent Argument of Knowledge (STARK)-based Turing-complete language for writing provable programs on blockchain. Kakarot aims to scale Ethereum by leveraging the capabilities of Cairo and Starkware's technology.
Kakarot started as a community initiative during a Starknet Hacker House in October 2022 and has since evolved into a company with a mission to enable Ethereum's scalability. With strong community engagement and the power of Cairo, developed by the Starkware team, Kakarot achieved full 'Operation Code' (opcode) equivalence in just two and a half months; opcode is a primitive code or instruction that enables the programming of operations within a blockchain.
OKX Ventures Founder Dora Yue said: "We are honored to participate in the seed round of investment in Kakarot, a Cairo language-based zkEVM. Kakarot is built on Starknet, utilizing an innovative coding language that resolves the issue of Starknet's incompatibility with EVMs. This advancement enables the Ethereum ecosystem to flourish on Starknet."
Kakarot is currently preparing to launch its inaugural testnet, which will serve as both a Layer-2 on Ethereum and a Layer-3 on StarkNet, a decentralized Layer-2 network that enables Ethereum to scale securely and DApps to achieve unlimited scale for transactions and computation. In addition, Karakot has ambitions to become a Type-1 zkEVM, allowing any Layer-1 node to generate STARK proofs. The project is also exploring the development of other zero-knowledge proofs, account abstraction and scaling solutions to contribute to the ongoing development of the Web3 space.
For further information, please contact:
Media@okx.com
About OKX Ventures
OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
About OKX
A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:
- OKX Wallet: The world's most powerful, secure and versatile crypto wallet which gives users access to over 70 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, 'written down' seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
- DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
- NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
- Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.
OKX partners with a number of the world's top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.
As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.
To learn more about OKX, download our app or visit: okx.com
