OrangeDX, a Bitcoin-based decentralized exchange platform, has secured USD 1.5 million in new funding from GBV Capital, Odiyana Ventures, Triple Gem Capital, Nxgen, X21, Spicy Capital, Alphabit Fund, and FundLand Capital, among others.

The company plans to use the new funding to support the scheduled launch of the platform at the end of March.

OrangeDX offers a Bitcoin-based decentralized exchange (DEX) platform that enables users to trade, swap, bridge, and launch cryptocurrencies that comply with the BRC20 token standard. It provides users with a DEX aggregator, which combines automated market making swaps with live price charts to reduce slippage, as well as an Initial Liquidity Offering(ILO) mechanism, which enables users to secure liquidity for launching new token projects.

Analyst QuickTake : This news adds to a growing trend of Bitcoin layer-2 projects exploring the use of smart contracts to expand the functionality of Bitcoin. The space has also seen recent interest from investors over the last few months, with startups such as Portal and Bitfinity raising USD 34 million and USD 7 million , respectively, and BabylonChain securing an undisclosed investment from Binance earlier this year. Notably, these developments also coincide with the approval of a number of spot Bitcoin ETFs in January and the subsequent rise in the spot price of Bitcoin above its previous all-time high earlier this month.