SINGAPORE, March 14, 2024 /CNW/ — OKX Ventures, the investment arm of OKX, the world’s leading cryptocurrency exchange and Web3 technology company, is proud to announce its investment in DLC.Link, the first native Bitcoin cross-chain protocol that leverages Discreet Log Contracts (DLCs) to enable Bitcoin to be used in DeFi protocols while being held in self-custody wallets.
DLC.Link is a groundbreaking project that aims to bring the power and innovation of DeFi to the Bitcoin ecosystem without compromising on security, decentralization or user experience. DLC.Link partners with institutions (called “dlcBTC Merchants”) to mint dlcBTC, a decentralized wrapped Bitcoin. Unlike other forms of wrapped Bitcoin, dlcBTC does not require Bitcoin deposits to be held with a custodian or bridged to a separate blockchain.
To mint dlcBTC, Bitcoin depositors “self-wrap” by locking their collateral into a DLC which can only pay out to the original depositor. Thus, dlcBTC provides a “theft-proof” protocol, in that Bitcoin deposits cannot be lost through hacks, theft or fraud. Furthermore, since only the original depositor can retrieve funds, dlcBTC is more resistant to censorship than current forms of wrapped Bitcoin.
Unlike Bitcoin L2s or sidechains, which require additional modifications to Bitcoin, support for DLCs was added in Bitcoin‘s Taproot upgrade. This means that DLCs can leverage the security, liquidity and network effects of Bitcoin, while bridging to DeFi protocols on Ethereum without requiring separate validator nodes. Instead, DLC.Link provides a network of DLC Attestors running Ethereum validators, provided by popular node operators such as OKX, HashKey Cloud, Republic, P2P, Dextrac and others.
Aki Balogh, co-founder of DLC.Link, said: “wBTC has reached Top 15 token status, despite its centralized custody model. In contrast, dlcBTC is the only wrapped Bitcoin that is minted from self-custody. DLCs, which were added to Bitcoin in 2021, enable a theft-proof wrapping mechanism without the need to introduce a bridge or L2 chain. dlcBTC will boost the adoption of Bitcoin in DeFi and has the potential to become a Top 10 token.”
Dora Yue, founder of OKX Ventures, said: “DLC.Link is a pioneering project aimed at bringing the power and innovation of DeFi to the Bitcoin ecosystem, without compromising security, decentralization, or user experience. We are pleased to support the vision and mission of DLC.Link. OKX Ventures believes that DLC.Link will unlock more value and potential within Bitcoin, and create a more open, inclusive, and decentralized financial system.”
About OKX Ventures OKX Ventures is the investment arm of leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
DLC.Link harnesses the power of Discreet Log Contracts (DLCs) to establish a trustless bridge between Bitcoin and Ethereum. This spring, DLC.Link will launch dlcBTC, enabling depositors to self-wrap their Bitcoin for DeFi on Ethereum while retaining full custody of their assets. This innovation transforms Bitcoin‘s role in DeFi, empowering depositors to engage in trading, lending, and hedging while maintaining self-sovereignty.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
