Decentralized finance platform Atomiq DeFi has raised $3 million in seed funding led by venture capital firm X21 Digital, Investing.com has learned.
The new capital injection will support the development of the world's first atomic swap-powered decentralized exchange (DEX), built using the Mintlayer layer 2 protocol.
The project was the first incubated by Mintlayer and benefits from a $1.5 million grant from the Mintlayer Ecosystem Fund. Atomiq DeFi also gained 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 suite of products including 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. This latest product facilitates the transfer of total value locked (TVL) from EVM and other chains to 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 DEX and its atomic swap technology are nothing short of revolutionary. It is as if we are opening a new chapter in the saga of blockchain evolution,” said Charlie Shrem, founder and advisor of the Bitcoin Foundation.
“Being an early believer in Bitcoin and Mintlayer, I can't help but feel a surge of excitement as we see our path now merging with the innovative efforts of Atomiq DeFi. “It is an exciting time to be part of this journey.”
“The introduction of Atomiq DeFi’s atomic swap-powered DEX marks a pivotal moment for Bitcoin. It is 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, Lead Digital Investor at X21.
Atomiq DeFi is ready to take advantage of the rapidly expanding Bitcoin DeFi sector, a market that Pantera Capital estimates is worth $500 billion. The project's advisory board includes prominent figures such as Lester Lim of X21 and Charlie Shrem of the Bitcoin Foundation. It is currently engaged in advanced discussions and extensive due diligence with several top-tier launch platforms.
Initiatives like Ordinals have introduced innovative functionality 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 enable direct transactions between blockchains and ensure that these transactions are executed simultaneously, eliminating the dependency on wrapped tokens.
