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- Omega secures $6 million in funding to help users leverage cross-chain digital assets
Allowing Bitcoin holders to use the value of their Layer 1 Bitcoin to generate yield.
MIAMI, Feb. 9, 2024 /PRNewswire/ -- Omega has closed a $6 million funding round, marking a major milestone in its quest to integrate native Bitcoin into the decentralized finance (DeFi) landscape. This significant financial injection came through three investment rounds, with contributions from an impressive list of participants, including Lightspeed Faction, Borderless Capital, Wormhole Cross-Chain Ecosystem Fund (operated by Borderless Capital), Bankless Ventures, Wave Digital, Blockchain .com, Blockchain Founders Fund, Kronos Ventures, XTBO Humla, Cadenza, Psalion Ventures, AlphaLab Capital, Side Door Ventures and MH Ventures, among others.
These funds are earmarked for the development and launch of a pioneering decentralized platform, designed to enable Bitcoin owners to unlock the yield-generating potential of their Layer 1 Bitcoin assets. With plans to reveal its public beta in the next 60 days, Omega is on track to redefine Bitcoin's utility within the DeFi ecosystem, offering unprecedented opportunities for yield generation.
"We are delighted to have the support of our respected investment partners," shared Wes Cowan, co-founder and CEO of Omega. “This financial and advisory support allows us to move forward in our quest to expand the horizons of Bitcoin DeFi.”
"We are delighted to be part of Omega's journey as they pave the way to unlocking the true potential of Bitcoin in DeFi. This investment underlines our confidence in the Omega team and their vision to revolutionize yield generation for Bitcoin holders, and “We eagerly anticipate the impact of their work on the future of decentralized finance,” shared Aly Madhavji, Managing Partner of Blockchain Founders Fund.
Eric Ryklin, co-founder and COO of Omega, expressed deep pride in the team's steadfast commitment and creative innovation. “This funding achievement affirms our mission to revolutionize the DeFi domain,” he commented. “We are now prepared to launch our public beta, an important step in empowering Bitcoin investors and driving significant advancements in the Bitcoin DeFi space.”
Omega is committed to driving the next wave of advancements in Bitcoin DeFi, and this funding milestone positions the project for significant adoption in the coming months.
OMEGA.xyz is a Web3 infrastructure provider that enables collateralization of idle bitcoins to generate yield in DeFi.
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