OKX Ventures Announces Strategic Investment in Scroll to Support Ethereum Scalability

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Mar 14, 2023, 06:53 ET

OKX Ventures invests in Scroll, a community-first zkEVM-based zkRollup which enables builders to make apps that are natively compatible with Ethereum
The investment is in line with OKX Ventures' vision of supporting Ethereum's scalability using off chain solutions with the latest technology

VICTORIA, Seychelles, March 14, 2023 /PRNewswire/ -- OKX Ventures, the investment arm of OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced its strategic investment in Scroll, a fully open-source, Ethereum equivalent zkEVM-based zkRollup that enables native compatibility for existing Ethereum applications and tools.

The investment is in line with OKX Ventures' vision to support projects that enhance Ethereum's scalability by using technology like zkEVM zkRollups to alleviate the transaction burden on the existing Ethereum blockchain by processing transactions off-chain, then sending the proofs back on-chain. This results in higher throughput and lower costs in comparison to the Ethereum base layer, making applications easier to use and more scalable for mass adoption.

Scroll has an impressive early track record of success, having just launched a permissionless Goerli Testnet last week. Its pre-alpha closed with impressive results of over 600,000 unique addresses with more than 400,000 daily transactions at the end of January.

Off-chain solutions like the kind Scroll is developing are implemented separately from Ethereum's layer 1 mainnet, and this layer 2 solution requires no changes to the existing Ethereum protocol. Scroll achieves its goals by running computations off-chain and submitting a validity proof to the chain. With this architecture, it can be used for token transfers and specialized applications. After pre-alpha and alpha testing, all existing Ethereum Dapps and smart contracts are expected to be able to migrate to it effortlessly. After more development, Scroll will implement general-purpose smart contracts.

Scroll Alpha, the last phase before mainnet, is now open to all and has 672,729 unique wallet addresses and over 2,916,472 transactions completed.

OKX Ventures looks forward to seeing the mainnet launch in four months time after a period of intensive and dedicated development by the Scroll team and the wider crypto community.

About Scroll
Scroll is a community-first, fully open-source zkEVM-based zkRollup on Ethereum that enables native compatibility for existing Ethereum applications and tools.

Leading the way in cutting-edge research, and building the tools for the future of decentralized applications, Scroll is committed to its vision of scaling Ethereum to a billion users.

About OKX Ventures
OKX Ventures is an investment institution under the worldwide top trading platform OKX. It focuses on exploring the best blockchain projects on a global scale, supporting the most cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

OKX Ventures is also committed to helping entrepreneurs who contribute to the development of the blockchain industry build great companies and bring global resources and historical experience to blockchain projects. The initial capital of OKX Ventures is USD 100 million.

About OKX
OKX is a world-leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platform for investors and professional traders everywhere, OKX's crypto exchange is the second largest globally by trading volume.

OKX's leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.

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, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.

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