Bitcoin-Backed Velar to Launch Native Token Via ByBit, Lauds India for Quick Tech Adoption

Starting April 3, the Velar token will be up for trading on ByBit through an initial DEX offering.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 28 March 2024 17:34 IST

Bitcoin-Backed Velar to Launch Native Token Via ByBit, Lauds India for Quick Tech Adoption

Photo Credit: X/ @ByBit_Official

Velar CEO says India’s tech-savvy population and developers makes it a fertile ground

Highlights

Velar token will be up for trading on ByBit through an initial DEX offeri
Choosing to build Velar on top of Bitcoin was about choosing the best, CE
Velar team offers assistance to developers looking to explore Bitcoin

Velar, a Bitcoin-powered liquidity protocol, has announced the launch of its native token that also goes by the same name. The token is being launched into the trading arena through ByBit, touted as the second largest crypto exchange in the world following Binance. The team of Indian developers behind this project claim that this launch is a pivotal moment for the Bitcoin ecosystem now that a Bitcoin project-based token is being listed on an exchange as popular as ByBit.

Starting April 3, the Velar token will be up for trading on ByBit through an initial DEX offering. The company aims to highlight the potential of the Bitcoin blockchain in the Decentralised Finance (DeFi) space. If activities on the Bitcoin blockchain increases, BTC's investor and developer communities could see bigger returns and more use cases, the firm believes.

In conversation with Gadgets360, Mithil Thakore, the Co-founder and CEO of this project explained why the team chose to launch Velar on the Bitcoin blockchain when other, cheaper, and energy-efficient blockchains are available. Because of its proof-of-work model, Bitcoin is often called out for its energy-intensive nature.

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“Choosing to build Velar on top of Bitcoin was about choosing the best, most secure, and proven blockchain. The asset is unparalleled, with its unmatched security, extensive network, and over $1 trillion in dormant capital waiting to be unleashed,” Thakore said. “While alternative blockchains might offer lower costs or higher efficiency, none match Bitcoin's legacy as the longest-standing and most trusted blockchain.”

In the days to come, Velar plans to bring a Bitcoin native trading platform. This platform will let users trade in 20 times more than their capital holding and hope for bigger returns. It is notable, that this kind of trading could pose risk to investors' fund. The firm foresees a bright future for its business in India's web3 market.

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“India, with its rapid adoption of digital finance and a growing interest in cryptocurrency, presents a tremendous opportunity. The country's tech-savvy population and developer community make it a fertile ground for Velar's innovative Bitcoin DeFi solutions, positioning us for substantial growth in one of the world's fastest-growing economies,” said Thakore.

The team behind Velor is among a very few that is exploring the use cases of the Bitcoin blockchain. It has invited others from the Web3 developer community also to foray into Bitcoin ecosystem.

“Bitcoin is a robust, secure platform that demands a nuanced understanding of its capabilities and limitations. We encourage developers to dive in with a mindset to innovate within Bitcoin's unique framework. For those looking to build and explore, we offer our support and guidance, eager to empower builders to contribute to this evolving ecosystem,” the company's CEO noted.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, Velar, Bitcoin Blockchain

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More