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Decentralized finance platform Atomiq DeFi led by venture capital firm X21 Digital has raised $3 million in seed funding, Investing.com has learned.
The fresh capital infusion will support the development of the world's first atomic swap-powered decentralized exchange (DEX), built on the Mintlayer Layer 2 protocol.
The project was the first launched by Mintlayer and it benefits from a $1.5 million grant from Mintlayer's Ecosystem Fund. Atomiq DeFi also received support from other venture capital firms in this round, including AlphaBit, NXGen, Dutch Crypto Investors (DCI Capital), Spicy Capital and Altcoin Buzz.
Atomiq DeFi is developing a product suite that includes 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. The latter product facilitates the transfer of the Total Value Locked (TVL) from EVM and other chains into 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.
“In exploring the boundaries of Bitcoin DeFi, Atomiq DeFi’s DEX and atomic swaps technology are nothing short of revolutionary. It’s like we’re opening a new chapter in the history of blockchain evolution,” said Charlie Shrem, founder and advisor of the Bitcoin Foundation.
“As an early adopter of Bitcoin and Mintlayer, I can’t help but feel a wave of excitement as I see our path now merging with Atomiq DeFi’s groundbreaking efforts. It’s an exciting time to be part of this journey.”
“The launch of Atomiq DeFi’s Atomic Swap-based DEX marks a pivotal moment for Bitcoin. It is a testament to the spirit of innovation that drives the DeFi space and a clear sign that Bitcoin’s untapped potential is finally being realized,” added Lester Lim, X21 Digital Lead Investor.
Atomiq DeFi is designed to tap into the fast-growing Bitcoin DeFi sector, a market Pantera Capital estimates at $500 billion. The project's advisory board includes prominent figures such as Lester Lim from X21 and Charlie Shrem from the Bitcoin Foundation. The company is currently in advanced discussions and in-depth due diligence with several top-tier launchpads.
Initiatives like Ordinals have introduced innovative functionalities to the Bitcoin network, sparking increased interest in Bitcoin's DeFi features. However, the reliance on Wrapped Bitcoin and its variants meant that custodians had to manage the reserves, which compromised 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 cross-blockchain transactions and ensure that these transactions are executed concurrently, eliminating the reliance on wrapped tokens.
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