VerificationX Raises $15 Million to Deploy Institutional Bitcoin Infrastructure

VerificationX, a platform aiming to facilitate institutional adoption and usage of cryptocurrencies, has recently announced a $15 million financing round. This funding is intended to support the deployment of Bitcoin infrastructure for institutional investors, focusing on areas such as custody, listings, and lending programs. Cantor Fitzgerald serves as an investment banking partner in this endeavor, aiding in financial management. The initiative involves collaboration with BitGo, a digital asset custodian listed on the New York Stock Exchange (NYSE), which will secure vBTC and vBTC.b tokens collateralized by Bitcoin across different blockchain networks. This partnership ensures compliance with American regulatory standards, allowing registered investment advisors to securely hold client assets through BitGo. Additionally, plans include listings on major exchanges with announcements expected soon. VerificationX is also implementing borrowing and lending programs that allow holders to utilize their Bitcoin without sacrificing ownership or redemption rights. This initiative aligns with a global trend seeking to democratize blockchain technology access while maintaining necessary regulatory compliance for mature institutional markets. VerificationX is well-positioned to be a significant catalyst in the global adoption of Bitcoin by major financial participants, potentially amplifying the value and expanding the digital currency’s worldwide ecosystem. Source: Bitcoin Magazine