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Atomiq DeFi attracts X21 Digital during its $3 million seed funding round

Published 04/16/2024, 10:31 AM
Updated 04/18/2024, 04:33 AM
© Reuters

Decentralized finance platform, Atomiq DeFi, is in the process of raising $3 million in seed funding round, which is led by venture capital firm X21 Digital.

The fresh capital injection will support the development of the world's first atomic-swap powered decentralized exchange (DEX) on Bitcoin, built using the Mintlayer layer-2 protocol.

The project was the first to be incubated by Mintlayer and it benefits from a $1.5 million grant from Mintlayer's Ecosystem Fund. Atomiq DeFi has also garnered support from other venture capital firms including AlphaBit, NXGen, Dutch Crypto Investors (DCI Capital), Spicy Capital, and Altcoin Buzz during this round.

Atomiq DeFi is developing a product suite that includes AtomiDEX, a decentralized exchange; AtomiqPad, a launchpad for Bitcoin and Mintlayer based projects; AtomiqWallet, a versatile wallet for BTC, MLS, and EVM tokens; and AtomiqBridge. The latter product facilitates the transfer of total value locked (TVL) from EVM and other chains into the Bitcoin ecosystem.

The company has also formed strategic partnerships with other Bitcoin DeFi projects such as SatoshiSync, Portal, and OrdinalsBot to create a more integrated Bitcoin ecosystem.

“Exploring the frontiers of Bitcoin DeFi, Atomiq DeFi's DEX and its atomic swaps technology are nothing short of revolutionary. It's like we're opening a new chapter in the saga of blockchain evolution,” said Charlie Shrem, Bitcoin Foundation Founder and Advisor.

“Being one of the early believers in Bitcoin and Mintlayer, I can't help but feel a surge of excitement seeing our path now merging with the groundbreaking efforts of Atomiq DeFi. It's a thrilling time to be part of this journey.”

“The introduction of Atomiq DeFi’s atomic swap-powered DEX marks a pivotal moment for Bitcoin. It’s a testament to the innovative spirit driving the DeFi space and a clear sign that Bitcoin’s untapped potential is finally being realized,” added Lester Lim, X21 Digital Lead Investor.

Atomiq DeFi is set to tap into the rapidly expanding Bitcoin DeFi sector, a market Pantera Capital estimates to be worth $500 billion. The project's advisory board includes prominent figures like Lester Lim from X21 and Charlie Shrem from the Bitcoin Foundation. It is currently engaged in advanced discussions and thorough due diligence with several top-tier launchpads.

Initiatives like Ordinals have introduced innovative functionalities to the Bitcoin network, sparking increased interest in Bitcoin's DeFi capabilities. However, the reliance on Wrapped Bitcoin and its variants introduced the need for custodians to manage reserves, thus compromising the decentralized nature of these structures. 

To address these issues in Bitcoin DeFi, the concept of atomic swaps has gained traction. Atomic swaps allow for direct, cross-blockchain transactions and ensure that these transactions are executed simultaneously, eliminating the reliance on wrapped tokens.

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