SINGAPORE, July 9, 2024 /PRNewswire/ -- To enhance the liquidity and the ecosystem for Bitcoin, HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has announced a strategic investment in Lombard. Lombard is a restaking protocol poised to catalyze growth across the Web3 ecosystem by transforming Bitcoin from a static store of value into a productive financial asset.
Lombard builds its restaking product on top of the Bitcoin staking protocol Babylon, which allows individuals to use Bitcoin to secure other proof-of-stake networks. Lombard increases liquidity for staked BTC by issuing LBTC, a liquid and yield-bearing representation of BTC. LBTC can move seamlessly across chains and decentralized finance (DeFi) platforms as collateral without compromising security. LBTC will soon be integrated into the most popular DeFi protocols on the Ethereum Mainnet before launching on widely used Layer 2 (L2) chains later this year.
"Liquid restaking is the next revolution for the Bitcoin Ecosystem, and Lombard is the project driving this transformation," said Edward, Managing Partner at HTX Ventures. "Lombard is rapidly expanding to onboard the LBTC token onto major ecosystems and DeFi protocols. This will enable Bitcoin to be lent, borrowed, and traded, unlocking tremendous utility for Bitcoin holders and revitalizing the BTC ecosystem. HTX Ventures is incredibly excited to partner with Lombard to empower Bitcoin holders and the broader BTC ecosystem."
"We are delighted to have HTX Ventures for investing in the development of LBTC as a new core primitive. LBTC will unlock a massive amount of net-new capital into the ecosystem and bring new liquidity and users to DeFi protocols and exchange platforms. HTX Ventures shares Lombard's mission to accelerate on-chain finance and we look forward to building on these synergies to accelerate the growth of LBTC," said Jacob Phillips, Co-founder, Lombard.
LBTC will soon be accessible to all and supported by all chains and DeFi protocols. Join the LBTC Waitlist for exclusive access to LBTC and rewards for early participation.
About Lombard
Named after the historic Lombard Street in London—a hub of financial activity since the Middle Ages—Lombard symbolizes a place where all participants are connected to opportunity. By adopting the Lombard name, we rebuild its legacy on digital blocks, transforming it into a modern nexus of innovation and connectivity.
Founded in April 2024, Lombard is dedicated to unlocking Bitcoin's potential as a dynamic financial tool by connecting it to DeFi. We are a diverse team of DeFi natives, working with technology and infrastructure partners towards a shared, ecosystem-driven mission to collectively onboard Bitcoin to DeFi.
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including Dragonfly, Bankless Ventures, Gitcoin, Figment, and Animoca. Visit us here.
Contact Details
EE
glo-media@htx-inc.com
Company Website
https://www.htx.com/en-us/ventures
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
HTX Ventures Invests in Lombard to Develop the Bitcoin Restaking Ecosystem
LOS BAÑOS, Philippines, Jan. 21, 2025 /PRNewswire/ -- The International Rice Research Institute (IRRI) and smart agriculture technology leader XAG are set to accelerate agricultural automation and innovation in the Philippines through digital agriculture and precision farming using drone technology. Through a Memorandum of Understanding (MOU), IRRI and XAG will collaborate to validate the application of smart agriculture technologies in rice-based cropping systems through experimentation and research.
XAG, through its Philippine partner Agridom, has donated agricultural drones to the International Rice Research Institute (IRRI) to support its mission of advancing precision agriculture and sustainable farming practices. Agridom pioneered the introduction of XAG agricultural drones in the Philippines, bringing cutting-edge technology to local farmers and institutions. This collaboration with IRRI demonstrates Agridom's unwavering commitment to driving agricultural innovation and empowering the sector with tools that enhance productivity and sustainability.
"Drones have been increasingly used for high throughput phenotyping, crop monitoring, improving agricultural productivity, and supporting precision farming. By providing efficient tools for crop monitoring, precision input application, and data-driven decision-making, drones provide the potential to significantly reduce costs and increase yields, optimizing resource use and minimizing environmental impact," explained IRRI Senior Scientist and Digital Agriculture and Precision Farming Lead Engr. Steve Klassen.
This meant that drones could rapidly provide measurements of traits related to growth, yield, and stress adaptation. This technology is particularly valuable to smallholder farmers who must improve their productivity and reduce production costs to be competitive and stay in business in response to climate change, labor shortages, and higher input costs.
However, drone adoption in the Philippines is hindered by limited access to technology, lack of standard protocols, financial resources, and regulatory constraints. "To overcome these challenges, we need a comprehensive approach that involves targeted training, guidelines for best practices, financial incentives, and supportive government policies.", Klassen said.
Klassen's team is also working with the Philippine Department of Agriculture (DA) - National Program, Philippine Rice Research Institute (PhilRice), and their allied bureaus on the Drones4Rice Project, which aims to streamline and standardize drone protocols for applying seeds, fertilizers, and pesticides in the Philippines. The donated drones will support the ongoing Drones4Rice project and other IRRI global initiatives on sustainable farming and digital accelerators.
"IRRI is a key research and technology partner in the Philippines, and through this effort, we hope to contribute to the country's agricultural competitiveness through drone-based technologies." shared XAG Head of International Business Wei Tong. "XAG's agricultural drones can be applied to various precision farming scenarios, specifically but not limited to direct seeding, pesticide spraying, fertilizer operation, and remote sensing. We hope to expand our engagements abroad to strengthen global food security and tackle climate change, as rice is the primary staple food that feeds over half of the world's population.", Tong shared.
Beyond this collaboration, XAG is also a member of the IRRI-led Direct Seeded Rice Consortium (DSRC), which promotes direct seeding methods in rice cultivation by developing technologies and training farmers to adopt sustainable farming practices.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
IRRI and smart agriculture technology leader XAG collaborate to promote digital agriculture and precision farming in the Philippines