Velar Secures Funding to Boost Development of Velar Artha, a Bitcoin-based Perpetual Derivatives Exchange

Diverse Backing for Accelerated Development:

In a recent funding round, Velar successfully secured support from various backers, including prominent entities such as Black Edge Capital, CMS Holdings, Bitcoin Startup Lab, GBV, Cypher Capital, Trust Machines SPV, Samara Asset Group, Maple Block, Cogitent Ventures, and several others.

The diverse range of backers underscores the industry’s confidence in Velar’s vision.

Funds Allocated for Velar Artha Product Development:

The capital infusion is earmarked to expedite the development of Velar’s flagship product, Velar Artha.

Positioned as a Decentralized Perpetual Derivatives Exchange (PerpDEX) on Bitcoin, Velar Artha is spearheaded by Co-Founder and CEO Mithil Thakore and Co-Founder Aravind Sathyanandham.

The aim is to establish a trustless platform for trading perpetual derivatives with substantial leverage (up to 20x) while using BTC as collateral in a non-custodial manner.

Unlocking Bitcoin’s Dormant Liquidity:

Velar Artha’s primary objective is to unlock the considerable liquidity dormant within Bitcoin.

With over $800 billion worth of BTC currently underutilized, the PerpDEX seeks to tap into this vast capital, enabling both institutions and individuals to leverage it productively.

By doing so, Velar envisions advancing decentralized finance (DeFi) use cases to new heights.

Comprehensive Product Suite:

Velar’s broader product suite extends beyond Velar Artha.

It encompasses a DEX inspired by Uniswap v2, employing an automated market maker (AMM) model for swaps and liquidity pools.

Additionally, the suite includes yield generation tools and a token launchpad dedicated to projects based on Bitcoin.

This comprehensive suite reflects Velar’s commitment to offering diverse and innovative solutions.

Launch Plans and Future Integrations:

The anticipated launch date for the PerpDEX is set for Q2 2024, utilizing Bitcoin Layer-2 protocol Stacks.

Beyond this, Velar aims to explore integration possibilities with other leading Layer-2 solutions and scaling frameworks for Bitcoin.

These strategic steps underscore Velar’s forward-looking approach in adapting to evolving technologies.

Conclusion:

In conclusion, Velar’s recent funding success positions the company for accelerated growth and development.

With a focus on the groundbreaking Velar Artha and a comprehensive product suite, Velar aims to make a significant impact on the utilization of Bitcoin assets within the DeFi landscape.

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