Wall Street firm Cantor Fitzgerald is acting as the banking partner for VerifiedX, a bitcoin sidechain and open-source decentralized network. The project is raising $15 million in financing to scale its operations.
VerifiedX Foundation has raised these funds to expand its custody relationships with BitGo, which is listed on the NYSE. The company also plans to list its wrapped token product, vBTC, on centralized exchanges.
Unlike typical wrapped tokens that require sending assets to a custodian, vBTC generates a unique native Bitcoin address within the token itself. This allows users to deposit Bitcoin to a self-custodial address where coins remain visible on the Bitcoin ledger and stay within the Bitcoin ecosystem.
VerifiedX describes itself as a financial operating system for Bitcoin. Its suite of products is designed to enable self-custodial ownership, programmable finance, instant settlement, and native Bitcoin utility.