VerifiedX Secures $15 Million to Bolster Institutional Bitcoin Infrastructure

VerifiedX has launched a $15 million financing round to deploy institutional Bitcoin infrastructure. The funding will support the expansion of custody relationships, listings on tier-one exchanges, and borrow-and-lend programs.

The round's initial capital will fund VerifiedX's institutional Bitcoin distribution, with Cantor Fitzgerald serving as investment banking partner. BitGo, a digital-asset custodian listed on the New York Stock Exchange, will hold vBTC (VerifiedX's Bitcoin-collateralized token) and vBTC.b, its counterpart on Base, Coinbase's Ethereum layer-2 network.

According to Brian May of the VerifiedX Foundation, 'vBTC is a game-changer' for institutions seeking to earn yield from their Bitcoin holdings. Unlike wrapped Bitcoin tokens, which rely on custodians or signers, vBTC allows holders to deposit and manage their own Bitcoin, with threshold signatures authorizing transactions.

The financing round also supports listings of VerifiedX's native token, VFX, and vBTC on tier-one centralized exchanges. The first announcement is expected within weeks.