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VerifiedX Raises $15 Million To Build Out Institutional Bitcoin Infrastructure
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
VerifiedX’s Foundation has kicked off a $15 million funding round, with initial institutional investors already on board, to expand institutional access to Bitcoin. Cantor Fitzgerald is handling the investment banking side, though the Foundation hasn’t disclosed who’s backing the round or on what terms. VerifiedX Foundation member Brian May said most current ways to earn yield on Bitcoin require swapping it for someone else’s IOU, which he said explains why under 1% of institutional Bitcoin holdings currently earn any return. Deposits and withdrawals are authorized through threshold signatures spread across VerifiedX validators, with holders able to redeem to native Bitcoin at any time or run their own validators for added control.
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