Cryptocurrency exchange Okcoin has launched Bitcoin Odyssey, a year-long commitment among venture capital firms to invest $165 million in solutions to accelerate Bitcoin adoption.
Participating companies include CoinDesk parent company Digital Currency Group, GSR and White Star Capital, among others.
Bitcoin Odyssey launches with the Stacks Accelerator and the Stacks Fund. Funding and resources will be used to build products on Stacks, an open source network for bitcoin-based smart contracts on the bitcoin blockchain.
Funding will be used for solutions across Web 3, including metaverse, money making games, decentralized finance (DeFi), irreplaceable tokens (NFT) and decentralized autonomous organizations (DAO). Other areas of interest include CityCoins and GovTech.
The Odyssey program will be co-led by Alex Chizhik, head of Okcoin listings, and Kyle Ellicott, Stacks Accelerator partner.
"We don't want to create a centralized fund that distributes a specified amount," Alex Chizhik told CoinDesk in an interview. "What we want to do is essentially create an aggregation service between top-tier venture capitalists and projects."
"There is no fixed amount of distribution. We don't offer a minimum amount for each program," he continued.
Chizhik said Odyssey's initial funding target of $100 million was quickly oversubscribed. He and Ellicott said they will continue to take calls from venture capital firms interested in participating in the commitment.