Crypto Startup Velar Plans Perpetual Swaps Exchange for Bitcoin DeFi After Raising $3.5M
Summary
Velar, a crypto trading startup, secured $3.5 million in funding to develop decentralized finance (DeFi) tools for Bitcoin. The company plans to launch the first perpetual swaps exchange using the Bitcoin network, enabled by smart contract-capable networks like Stacks' upcoming Nakamoto Release. This upgrade will introduce sBTC, a synthetic bitcoin asset, allowing bitcoin-holders to access DeFi without giving up custody. The concept of Bitcoin DeFi is still theoretical due to infrastructure limitations and hesitancy among bitcoin holders. The funding round involved several prominent investors.
