Stacks (STX) rallied 30% after a partnership with OKCoin

Stacks (STX) rallied 30% in price today following news of a partnership with OKCoin to accelerate the growth of the broader DeFi ecosystem on Bitcoin.

Stacks (STX) surges upon news of big financial support by OKCoin

The OKCoin exchange has announced a partnership with Stacks to bring the highlights of the WEB3 revolution to the Bitcoin blockchain – and the investment to achieve this is strong. As OKCoin explained on their social network, they have decided to offer $165 million to a group of projects to develop decentralized applications on Bitcoin.

The project called The Bitcoin Odyssey is backed by other venture capital firms such as Digital Currency Group, White Star Capital, GSR, among others.

“We don’t want to create a centralized fund that allocates dictated amounts. What we want to do is essentially create a matchmaking service between the top-tier VCs and projects” Alex Chizhik, head of listings at Okcoin, explained that the initiative would be jointly managed and would not be taken as an absolute hierarchical structure where all decisions are centralized.

Chizhik highlighted Bitcoin’s potential as the most decentralized network in the entire ecosystem, asserting that precisely for this reason, it “should remain at the epicenter of crypto adoption.” However, it should be noted that Bitcoin is not Touring-complete, i.e., it is not capable of running dApps or supporting complex instructions in the same way a traditional computer would, so the Bitcoin ambitions of Stacks and OKCoin are indeed an odyssey.

STX spiked 75% but corrected and closed the day with 30% growth, indicating that sellers are more enthusiastic and optimistic despite the circumstances.

stacks-stx-rallied-30-after-a-partnership-with-okcoin

STX/USD 4-hour chart | Source: TradingView

However, it’s important to note that STX has a market cap of just $1.5 billion, so the price movement of this type is not surprising. Currently, the token is trading at around $1.39.

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