April 19, 2024
Linekong Interactive Allocates $15 Million for Bitcoin Ecosystem Expansion Fund
Bitcoin News

Linekong Interactive Allocates $15 Million for Bitcoin Ecosystem Expansion Fund

Linekong Interactive, a prominent Beijing-based tech firm listed on the Hong Kong Stock Exchange (HKEX), has unveiled ambitious plans to allocate $15 million to a new fund named “BTC Next.” This fund is designed to facilitate investments in innovative projects operating within the Bitcoin network’s ecosystem.

Founder Wang Fang, in a tweet dated November 8, highlighted the objectives of BTC Next, emphasizing its role in accelerating emerging projects in the Bitcoin ecosystem. The focus will be on a diverse range of areas, including asset issuance protocols, trading markets, expansion initiatives, virtual machines, NFTs (Non-Fungible Tokens), RWA (Real World Assets), and GameFi (Game Finance).

One of the fund’s primary goals is to actively participate in the research and investment activities of Bitcoin network ecological assets from the earliest stages. This includes the publication of investment portfolios and routine updates to the list of Bitcoin ecological crypto assets.

In its communication, BTC Next alluded to the gradual unfolding of the panoramic curtain within the Bitcoin network ecology. Traditionally, Bitcoin lacked the programmability associated with more recent blockchain platforms like Ethereum, remaining relatively unchanged since its inception in 2008. However, the Bitcoin ecosystem has witnessed significant expansion this year, driven by innovations such as Ordinals and Inscriptions, two novel data storage methods. Together, these innovations have enabled users to create unique digital assets on the Bitcoin blockchain.

For instance, in June, the cross-chain wallet BitKeep (now Bitget Wallet) introduced support for BRC-20 Bitcoin tokens, which are modeled on the Ethereum ERC-20 standard. This allowed Bitcoin to tap into the burgeoning world of decentralized finance and non-fungible tokens. Furthermore, the recent listing of the popular BRC-20 token Ordinals (ORDI) on Binance contributed to a substantial 40% surge in its value within a single day. These BRC-20 tokens have collectively accumulated a total market capitalization of $1.36 billion since their inception.

Linekong Interactive was founded in Beijing in 2007 as an online gaming company. It made its initial public offering on the Hong Kong Stock Exchange in 2014. Wang Feng, the company’s founder, previously served as a vice president of software development at Kingsoft Software, a major Chinese IT conglomerate. In 2018, Feng resigned from his position as CEO of Linekong to focus on blockchain technology and subsequently initiated several projects in the non-fungible tokens, decentralized finance, and Bitcoin mining sectors. In 2022, he returned as CEO of Linekong after an invitation from the firm’s board of directors to better align Linekong products with Web3 and blockchain technology.

This strategic move by Linekong Interactive comes at a pivotal time for the Bitcoin network, as it undergoes significant development and innovation, broadening its capabilities beyond its traditional use case.

Image by freepik

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