BitWell Labs and Parex reach strategic cooperation to explore in Web3 and new decentralized fields
Recently, BitWell Labs, the venture capital and innovation incubation department of BitWell which is the world’s leading growth asset trading platform, has reached a strategic cooperation with the decentralized exchange Parex. They will Cooperate in mang aspects from web3,new-type of decentralization, multichain interoperation and cross-chain transfer, etc.
The two parties will carry out technical cooperation on the integration of multi-chain interoperability. BitWell and BitWell DEX will introduce Parex’s interoperability proof to increase the low cost and high speed of the platform’s encrypted asset conversion, so that transaction data of different chains can be efficiently accessed, verified and applied, in order to achieve the interconnection between on-chain and off-chain, CEX and DEX. That is how we can enhance the interoperability of the trading system, and greatly improve the user’s trading experience.
The two parties will also jointly explore multi-signature and distributed signature notary mechanisms to provide a more secure multi-level verification mechanism for multi-chain and cross-chain asset transfers.
BitWell Labs and Parex Market will also be committed to contributing to the blockchain environmental protection ecosystem. The two parties will jointly provide financial support for projects in the open-source DeFi, Metaverse, and Web3 fields of ecologically closed loops. They will seek a balance between high-consumption combustion algorithms and low-emission environmental protection ecology by jointly build multi-element, cross-scenario infrastructure and underlying architecture of projects.
About BitWell Labs
BitWell Labs is the venture capital and innovation incubation department of BitWell, the world’s leading growth asset trading platform, dedicated to providing more investment, cooperation and incubation opportunities for the world’s top blockchain projects.
BitWell Labs has established a $50 million Metaverse Special Fund to support and invest in GameFi and NFT, as well as other Metaverse-related projects, to help more high-quality projects develop in terms of market, operation, trading, etc.
Parex is a decentralized exchange with a token that exists only through the mining production mechanism, which is created on the myDexChain network with the DRC-16 protocol.
Thanks to Parex’s proof of interoperability, it creates interoperable bridges with other networks. The Proof of Interoperability mechanism ensures that the PRX token is operational in every network. The Parex marketplace supports cross-chain transfers with low fees and fast speeds.