Linekong Interactive Allocates $15 Million to Boost Bitcoin Ecosystem Development
Summary:
Beijing-based gaming and film production company, Linekong Interactive, has pledged to invest $15 million in initiatives on the Bitcoin network. The fund, called "BTC Next," will accelerate emerging Bitcoin ecosystem projects. The Bitcoin landscape has experienced significant progress this year, specifically with new data storage methods allowing unique digital asset creation. Linekong, founded in 2007 and publicly listed in 2014, is led by CEO Wang Feng, a prominent figure in blockchain and Bitcoin mining projects.
Linekong Interactive, a Beijing-based gaming and film production company that's publicly traded on the Hong Kong Stock Exchange, plans to inject $15 million into initiatives utilizing the Bitcoin network. Linekong's founder, Wang Fang, disclosed via a tweet on November 8 that this investment fund, named "BTC Next," is aimed at propelling nascent projects within the Bitcoin sphere, which include programs for issuing assets, market trading, growth, virtual machines, NFTs, RWA, and GameFi.
At the outset, Linekong is eager to "engage in studying and funding Bitcoin network ecological assets as swiftly as possible." The company will also publicly post its investment portfolios and regularly refresh its inventory of Bitcoin ecological cryptocurrencies. "The grand mural of the Bitcoin network ecology is gently opening," stated BTC Next. Bitcoin has historically lacked the adaptability seen in newer blockchains like Ethereum, and has largely remained the same since its creation in 2008. But, the Bitcoin world has seen significant developments this year with the advent of Ordinals and Inscriptions, two groundbreaking data storage techniques that enable users to create unique digital commodities on the Bitcoin blockchain.
In June, BitKeep, a cross-chain wallet now known as Bitget Wallet, introduced deposit and withdrawal functionality for Bitcoin tokens adhering to the BRC-20 standard, similar to Ethereum's ERC-20 standard. Binance, on November 7, featured the well-liked BRC-20 token Ordinals (ORDI), which led to a dramatic spike of over 40% in its value in just one day. BRC tokens have attained a total market cap of $1.36 billion since they were first introduced.
Originally established as an online gaming entity in 2007 in Beijing, Linekong Interactive went public in Hong Kong in 2014. Prior to Linekong's inception, Founder Wang Feng held the position of Vice President of software development at Chinese IT giant, Kingsoft Software. In 2018, Feng stepped down from his CEO role at Linekong to concentrate on blockchain endeavours, launching several projects related to nonfungible tokens, decentralized finance, and Bitcoin mining. He was invited to retake his position as Linekong CEO by the board of directors in 2022, in order to further merge Linekong products with Web3.
Published At
11/8/2023 5:16:05 PM
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