Atomiq DeFi attracts X21 Digital throughout its $3 million seed funding spherical

Decentralized finance platform, Atomiq DeFi, has raised $3 million in seed funding led by enterprise capital agency X21 Digital. The seed spherical hasn’t totally formally closed simply but, starcrypto has realized

The recent capital injection will assist the event of the world’s first atomic-swap powered decentralized alternate (DEX) on , constructed utilizing the Mintlayer layer-2 protocol.

The mission was the primary to be incubated by Mintlayer and it advantages from a $1.5 million grant from Mintlayer’s Ecosystem Fund. Atomiq DeFi has additionally garnered assist from different enterprise capital companies together with AlphaBit, NXGen, Dutch Crypto Traders (DCI Capital), Spicy Capital, and Altcoin Buzz throughout this spherical.

Atomiq DeFi is growing a product suite that features AtomiDEX, a decentralized alternate; AtomiqPad, a launchpad for Bitcoin and Mintlayer based mostly tasks; AtomiqWallet, a flexible pockets for BTC, MLS, and EVM tokens; and AtomiqBridge. The latter product facilitates the switch of whole worth locked (TVL) from EVM and different chains into the Bitcoin ecosystem.

The corporate has additionally shaped strategic partnerships with different Bitcoin DeFi tasks corresponding to SatoshiSync, Portal, and OrdinalsBot to create a extra built-in Bitcoin ecosystem.

“Exploring the frontiers of Bitcoin DeFi, Atomiq DeFi’s DEX and its atomic swaps expertise are nothing wanting revolutionary. It is like we’re opening a brand new chapter within the saga of blockchain evolution,” stated Charlie Shrem, Bitcoin Basis Founder and Advisor.

“Being one of many early believers in Bitcoin and Mintlayer, I am unable to assist however really feel a surge of pleasure seeing our path now merging with the groundbreaking efforts of Atomiq DeFi. It is a thrilling time to be a part of this journey.”

“The introduction of Atomiq DeFi’s atomic swap-powered DEX marks a pivotal second for Bitcoin. It’s a testomony to the progressive spirit driving the DeFi area and a transparent signal that Bitcoin’s untapped potential is lastly being realized,” added Lester Lim, X21 Digital Lead Investor.

Atomiq DeFi is about to faucet into the quickly increasing Bitcoin DeFi sector, a market Pantera Capital estimates to be value $500 billion. The mission’s advisory board contains distinguished figures like Lester Lim from X21 and Charlie Shrem from the Bitcoin Basis. It’s at present engaged in superior discussions and thorough due diligence with a number of top-tier launchpads.

Initiatives like Ordinals have launched progressive functionalities to the Bitcoin community, sparking elevated curiosity in Bitcoin’s DeFi capabilities. Nevertheless, the reliance on Wrapped Bitcoin and its variants launched the necessity for custodians to handle reserves, thus compromising the decentralized nature of those buildings. 

To deal with these points in Bitcoin DeFi, the idea of atomic swaps has gained traction. Atomic swaps enable for direct, cross-blockchain transactions and be sure that these transactions are executed concurrently, eliminating the reliance on wrapped tokens.