- UniSat Wallet’s bold $50M funding quest shakes the crypto sphere.
- Innovation meets impact with UniSat’s first-ever Ordinals native swap.
- UniSat’s market traction and BRC-20 innovations signal a promising investment.
UniSat Wallet, the leading Bitcoin Ordinals and BRC-20 service provider has recently unveiled its ambitious plan to secure funding at a remarkable valuation of $50 million. This news, initially reported by Wu Blockchain, has piqued the interest of numerous investors. Notably, Binance Labs is currently in active discussions with the UniSat team.
According to the tweet from Wu Blockchain, some investors have already finalized their participation in the funding round. The UniSat team’s expertise in Bitcoin Satoshi Vision (BSV) development has also bolstered their credibility. BSV is a cryptocurrency designed to restore the original Bitcoin protocol as envisioned by Satoshi Nakamoto. Hence, this experience is anticipated to contribute to the development and success of UniSat Wallet significantly.
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Innovation Meets Market Impact
UniSat Wallet has made a substantial impact on the Bitcoin Ordinals trading market. Data from Dune’s panel indicates that the platform accounts for an impressive 10% to 20% of the transaction volume and transaction times. Moreover, with around 60,000 unique users, UniSat Wallet has solidified its position as a critical player in the market.
Unique Users by Marketplace (Source: Dune)
Just a week before this announcement, UniSat Wallet launched the industry’s first-ever Ordinals native swap, known as the BRC-20 swap. This innovative feature allows users to deploy new trading pairs and add liquidity to the Swap as they can deploy and mint a classic BRC-20. The UniSat team expressed their enthusiasm in a tweet, stating that they have been receiving proposals from various groups and individuals eager to extend the capabilities of BRC-20.
Star Xu Questions Centralized Swap Validity
However, Star Xu, the CEO of OKX, raised concerns about whether this feature is a centralized swap. He emphasized that the current Bitcoin network needs more support for smart contracts, making it challenging to achieve a fully decentralized DEX Swap. Xu highlighted the significant risks posed by centralized swaps, exchanges, and bridges in various jurisdictions that need proper compliance controls, such as KYC and AML.
Wrapping up, the suggested settlements put forth by Celsius Network provide a beacon of optimism for its clientele. The successful conclusion of the bankruptcy proceedings could herald a fresh era for the crypto lending platform and its patrons. Nonetheless, the journey toward resurgence remains extensive and laden with obstacles.
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