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February 06, 2024

Bitcoin Infrastructure Builder Bitlight Labs’ Seed Round Led by Gate Ventures, Gate.io’s VC Arm

Feb 6th, Panama City – Gate Ventures, the venture capital arm of the Gate.io crypto exchange, recently led the seed round for Bitlight Labs, an innovative blockchain solutions provider utilizing RGB protocols to transform the Bitcoin ecosystem, bringing Layer 2 smart contract technology to Bitcoin.

Since Satoshi Nakamoto launched the first node in 2009, Bitcoin has proven to be the safest decentralized network. As Bitcoin adoption spreads, it now grapples with scalability issues. The Lightning Network (LN), a Bitcoin scaling solution capable of ~1 million transactions per second (TPS), was developed based on the concept of off-chain protocols, allowing instant Bitcoin transactions. However, it remains limited in its support for smart contracts.

Enhancing Bitcoin While Preserving Security

Centred on Really Good for Bitcoin (RGB) protocols, Bitlight Labs offers scalability over layer 2 and 3 solutions while maintaining Bitcoin-level safety and privacy guarantees. RGB protocols support more complex smart contract functionality, enabling users to inspect, execute, and independently verify a smart contract at any time without incurring additional costs.

The foundation of RGB protocols draws from Peter Todd’s exploration of single-use seals and client-side validation. Envisioned in 2016 by Giacomo Zucco as an enhanced asset protocol for Bitcoin and the Lightning Network, RGB underwent further refinement. Maxim Orlovsky has been spearheading its implementation since 2019, transforming RGB from a concept into a comprehensive smart contract system with active community involvement.

By leveraging RGB protocols, Bitlight Labs is developing multiple products, including the core product–Bitlight Wallet. Bitlight Wallet is the first non-custodial wallet following the LNP/BP Association’s specifications for RGB assets. The wallet is designed to facilitate compatibility between RGB and the Lightning Network, thereby accelerating the growth of the RGB-LN ecosystem.

Kevin Yang, Managing Partner at Gate Ventures, said: “People have been criticizing Bitcoin as too slow in technical development. But in recent years, innovation on Bitcoin has been revived. Now is the time to build on Bitcoin.”

He further added: “Bitcoin is a $1 trillion asset, more than any others combined in the crypto space. With the recent approval of spot ETFs, Bitcoin has the most potential for mass adoption. The value of Bitcoin’s security could be further leveraged by exploring smart contracts functionalities on it.”

About Gate.io

Established in 2013, Gate.io is one of the world’s earliest cryptocurrency exchanges and a leader among compliant and secure digital asset platforms, offering diverse trading services with 100% user-verifiable Proof of Reserves. Further, the platform has consistently ranked as one of the top 10 cryptocurrency exchanges on CoinGecko based on liquidity and trading volume.

About Gate Ventures

Gate Ventures, the venture capital arm of Gate.io, is focused on investments in decentralized infrastructure, middleware, and applications that will reshape the world in the digital age. As a long-term investor, Gate Ventures is committed to offering support in product development, operation scaling, and global growth for its portfolio companies.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.

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Gregory Pudovsky
Gregory Pudovsky

Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.

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