OKX Ventures, the investment division of OKX, an established cryptocurrency exchange and Web3 technology business, has joined the ‘Runes Incubator’.

This programme, launched by OnePiece Labs and backed by Merlin Chain and Franklin Templeton, seeks to identify, and nurture Runes projects.

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The cooperation demonstrates OKX Ventures’ commitment to assisting developers in developing creative solutions based on Runes, a unique system that incorporates a UTXO-based fungible token system into the Bitcoin network.

Moreover, the purpose of the Runes Incubator project’s establishment was to guarantee a significant influence and range across various blockchain technologies and industry sectors.

Projects relating to Runes that are selected will get financing support, extensive networking possibilities, and customised coaching, all of which are designed to fulfil their particular demands in Runes development and boost their creative potential.

OnePiece Labs’ Runes Incubator is carefully designed to identify and raise early-stage Runes companies operating in important verticals, with the objective of altering the Bitcoin ecosystem with each cohost by providing access to critical resources that stimulate growth and new ideas.

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Furthermore, the incubator serves as a launchpad, assisting developing ventures in overcoming traditional entrance barriers such as nascent infrastructure, limited domain expertise, and financial restraints, allowing them to transform into blockchain-enabled businesses.

Merlin chain founder Jeff said: “The Runes Protocol is a new BTC Layer 1 protocol for fungible tokens, emerging in the wake of Ordinals. It is characterised by its simplicity, efficiency, and high security, maintaining a strong adherence to Bitcoin’s native principles. Merlin Chain recognises significant potential in Runes across both BTC Layer 1 and Layer 2 and is eager to support Runes developers in our incubator program in creating products and protocols that are native to Bitcoin.”

Franklin Templeton vice president and director of digital asset management Kevin Farelly shared: “We’re excited by the development and innovation occurring within the Bitcoin ecosystem. Our blockchain venture capital team combines TradFi experience with deep technical knowledge of blockchain architecture to provide founders in the space with the guidance and insights they need to scale their businesses and achieve their growth goals.”

OKX Ventures Partner Jeff Ren added: “The Runes Protocol is an addition to the Bitcoin ecosystem, introducing a distinctive UTXO-based model. It enhances blockchain’s capabilities, offers new asset issuance and also makes generating and supervising interchangeable tokens on the Bitcoin blockchain easier. Upon the upcoming Bitcoin halving, OKX will also add support for Runes. This addition will enable users to create, mint, manage and trade Runes on our Marketplace, and makes us the first platform to offer zero-fee Runes trading on mobile. Through our incubator programme, OKX will focus on supporting the Runes ecosystem, exploring projects with greater potential, and making important contributions to the development of Bitcoin.”

OnePiece Labs Partner KJ Jia stated: “We are thrilled to witness the emergence of Runes. Meanwhile, it’s gratifying to see that esteemed collaborator such as Merlin, Franklin Templeton, and OKX Ventures share our enthusiasm. We eagerly anticipate collaborating with the founders of Runes to forge something remarkable in this new frontier. We are confident that the Runes Incubator will empower these projects to take the lead, enriching and evolving Runes applications that will positively impact the entire BTC ecosystem.”