OKX Introduces Unique Layer-2 Blockchain Enhanced

OKX rolls out its Layer-2 blockchain, utilizing Polygon's technology for improved efficiency in digital transactions.

Okx Introduces Unique Layer 2 Blockchain Enhanced By Polygon’s Technology_65b97a68d58de.webp

OKX Unveils Exclusive Polygon-Powered Layer-2 Blockchain

OKX has recently rolled out its proprietary Layer-2 blockchain, the X1 chain, powered by Polygon’s cutting-edge technology, in a strategic move to elevate the efficiency of digital transactions. This initiative positions OKX among a cadre of exchanges actively exploring secondary networks to streamline and cost-optimize digital asset transactions.

📣 Hot Off The Press 📣

We’re thrilled to introduce #X1, our new Ethereum L2 network built on Polygon’s CDK.

Our landmark collab. with @0xPolygonLabs empowers next gen. devs. with increased security, scalability & low transaction costs to BUIDL the future of Web3.

🧵👇 pic.twitter.com/Wkz11vu2be

— OKX (@okx) November 14, 2023

Taking a cue from industry giants like Coinbase, which unveiled its Base blockchain to widespread acclaim in August, OKX’s move highlights the evolving landscape of exchanges venturing into the development of Layer-2 blockchains. Kraken, another prominent player in the crypto exchange sphere, is reportedly mulling over the creation of its own Layer-2 blockchain, according to Bloomberg.

okx introduces unique layer 2 blockchain enhanced by polygons technology 65b97a68d8164

The advent of Layer-2 solutions, championed by entities such as Polygon, Optimism, and Arbitrum, primarily aims to enhance the capabilities of Ethereum. OKX’s X1 chain is slated to become available to end-users in early 2024, with a dedicated team of fifty developers from OKX actively engaged in its development.

This trend signifies a broader transformation in the cryptocurrency ecosystem, where exchanges transcend their traditional roles as transaction facilitators to become trailblazers in blockchain technology. They are now focused on optimizing transactional efficiency and expanding the potential applications of blockchain. However, the profitability of L2 chain development for exchanges remains an open question that only time will answer.

Blockchain.com Secures $110M in Series E Funding

Blockchain.com has successfully raised $110 million in Series E funding, with UK-based investment management firm Kingsway Capital leading the financing round. Other notable participants include Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and several others.

Related: House Bill Restricts Government Agencies from Utilizing Chinese-Linked Blockchain Technology

As of the latest funding, Blockchain.com’s valuation is reported to be “less than half of” its peak valuation of $14 billion, which was attained in March 2022 following a Series D financing round. Kingsway Capital founder and CEO Manny Stotz, along with Nicolas Brand, a partner at Lakestar, have joined the board of investors at Blockchain.com in the wake of this recent funding round.

okx introduces unique layer 2 blockchain enhanced by polygons technology 65b97a68e0f3d

It’s worth noting that Kingsway Capital had previously spearheaded an undisclosed funding round for Blockchain.com in the third quarter of the preceding year, as reported by The Block in October 2022.

However, Blockchain.com faced significant challenges, grappling with a $270 million shortfall resulting from the 2021 collapse of crypto lender Three Arrows Capital, to which the company had extended funds.

This setback prompted Blockchain.com to take drastic measures, including laying off 25% of its workforce (150 employees), shutting down its Argentinian office, and reducing CEO compensation in July 2022. The recent Series E funding may offer the company a strategic lifeline as it navigates these challenges.

(100 votes)

5.0/5

(100 votes)

Latest

World’s Richest Youtuber Mrbeast Registers His Own Finance And Crypto Brand

News | Editor Choice | Policy & Regulations

World’s Richest YouTuber MrBeast Registers His Own Finance and Crypto Brand

The world’s richest YouTuber, MrBeast, has made a bold move into the world of finance and cryptocurrency with his new brand “MrBeast Financial”, signaling his ambition to build a global fintech empire.

Deepseek Surpasses Grok And Openai In Crypto Trading Showdown

News | AI | Editor Choice

DeepSeek Surpasses Grok and OpenAI in Crypto Trading Showdown

DeepSeek is making waves across the crypto and tech communities as it takes the lead in Alpha Arena — a live crypto trading competition among the world’s top artificial intelligence models, outperforming both Elon Musk’s Grok and OpenAI’s GPT-5.

Bitcoin’s Two Failed Rallies Signal Weakness

News | Bitcoin | Editor Choice

Bitcoin’s Two Failed Rallies Signal Weakness

The Bitcoin (BTC) market is entering a tense phase as bullish momentum fades after two consecutive failed recovery attempts. While the price still holds key support levels, on-chain data suggests the market may be shifting toward accumulation, with long-term holders (LTHs) quietly building their positions.

Bio Soars 58% After Upbit Listing, Desci Tokens Make A Powerful Comeback

News | Altcoin | Editor Choice

BIO Soars 58% After Upbit Listing, DeSci Tokens Make a Powerful Comeback

South Korea’s crypto market just witnessed a major explosion as Upbit, the country’s largest exchange by trading volume, announced the listing of BIO Protocol’s native token, BIO. Following the news, the altcoin skyrocketed over 58%, while its trading volume surged by more than 500% within hours.

Ripple Chairman Accused Of Dumping 50m Xrp On Retail Investors

News | Altcoin | Editor Choice

Ripple Chairman Accused of Dumping 50M XRP on Retail Investors

The XRP community is in turmoil after a new claim by CryptoQuant analyst Maartunn alleged that Ripple Chairman Chris Larsen sold off 50 million XRP, “dumping” on retail investors. However, industry experts quickly pushed back, clarifying that the transaction was not a sell-off as speculated.

Screenshot 2025 10 20 091338