The venture capital division of the cryptocurrency exchange KuCoin is announcing an investment in Dovi, a Bitcoin (BTC) layer-2 solution that is compatible with the Ethereum Virtual Machine smart contract platform.
Lou Yu, the head of KuCoin Labs, says the investment will assist Dovi in realizing its various product and market goals.
On its commitment to the Bitcoin ecosystem, KuCoin Labs says,
“KuCoin Labs will continue to focus on incubation, investing in the BTC ecosystem, and bringing the next BTC ecosystem phenomenon-level application to the industry. We welcome other BTC-native projects to fill out the application form through the official website for financing or incubation purposes.”
Besides KuCoin Labs, Dovi lists crypto exchange OKX and cryptocurrency data aggregator CoinMarketCap as partners. According to its website, Dovi has yet to release a testnet.
KuCoin Labs’ investment in Dovi is coming at a time when there’s a growing popularity of ordinals – data such as images, text, video or audio that are inscribed in the smallest units of Bitcoin, satoshis, to create the equivalent of non-fungible tokens (NFTs) on the flagship crypto’s network.
Ordinals have resulted in a massive surge in transaction fees on the leading blockchain.
Last month, for instance, Bitcoin’s transaction fees increased by nearly 1,400% from the start of November to November 17th.
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