verifiedx

According to Bitcoin Magazine, Wall Street financial giant Cantor Fitzgerald is helping the Bitcoin sidechain and open-source decentralized network VerifiedX complete a $15 million financing round. The VerifiedX Foundation announced on Wednesday that it has raised this funding, which will be used to expand its custodial partnership with the NYSE-listed custodian BitGo and to promote the launch of its wrapped token product vBTC on centralized exchanges.Cantor Fitzgerald serves as the banking partner for this financing round, and the announcement did not disclose specific investors. VerifiedX is a Bitcoin financial operating system that offers products such as self-custody, instant settlement, programmable finance, and native Bitcoin utility. Unlike traditional wrapped tokens, when holders create vBTC, the network generates a unique native Bitcoin address within the token, allowing holders to deposit Bitcoin into that self-custody address. The tokens always remain on the Bitcoin ledger and do not leave the Bitcoin ecosystem.Cantor Fitzgerald is one of the earliest institutions on Wall Street to support Bitcoin and currently holds reserve assets for the stablecoin giant Tether's USDT product. Its former chairman and CEO Howard Lutnick served as an advisor to Trump's 2024 campaign and is currently the U.S. Secretary of Commerce.

According to CoinDesk, VerifiedX is a Layer-1 blockchain and Bitcoin sidechain. The project released Butterfly on Wednesday, a payment application designed to be as easy to use as utilities like Venmo or Cash App, while also simplifying the complexities of many popular crypto wallets and payment methods, without incurring the relatively high fees of certain exchanges.

According to The Block, VerifiedX announced a partnership with Crypto.com to manage its $1.5 billion digital assets through the latter's institutional-grade custody and OTC liquidity solutions. VerifiedX is a decentralized Layer 1 network and Bitcoin sidechain that supports 1:1 pegged vBTC self-custody issuance. This marks the second collaboration between the two parties this year, and following the announcement, the price of the VFX token surged nearly 70%.