Keep Network announced a new fully audited open-source token named tBTC. The new token is accessible through tbtc.network and acts as a bridge between Bitcoin and Ethereum blockchains.
Bringing Bitcoin to DeFi
tBTC makes it possible for the Bitcoin holders to access DeFi apps on Ethefreum blockchain. The new ERC-20 token is the result of a partnership between Keep, Summa, and Cross-Chain Group. Each tBTC is equal to one BTC and can be used as a payment or transfer solution in DeFi apps.
Users can convert tBTC and BTC without the need for an intermediary. BTC is still the most popular cryptocurrency in the industry. Most of the market cap is held in Bitcoin, and lots of it is not in circulation. Providing the option to use BTC in DeFi can help more regular holders enter the new community.
Ethereum is best known for its many offerings to dApps developers. Connecting Bitcoin to the Ethereum community has always been a great option to bridge the gap between where the money is and where the developers are. DeFi has intensified this need, and tBTC can be the right solution for that.
A token aiming to act as 1:1 pegged to Bitcoin must provide numerous security features, and tBTC claims bold on them.
“With this in mind, tBTC has been designed with the highest standards of security and usability. The project uses threshold ECDSA, which is audited and in use on Binance, among other top wallets and exchanges. And at launch, Keep has provided protections via Nexus Mutual so users can have high confidence their funds will stay safe,” according to a blog post from Keep Network.
Keep network and other partners designed a step by step process to launch tBTC. The process, called “release candidate,” made it possible to test the features and receive feedback about the token before launching it on mainnet.
Many groups and firms have stated their support for the tBTC token.
“Scalar Capital’s Linda Xie, Synthetix’s Kain Warwick, TokenSoft’s Mason Borda, and Aragon’s Luis Cuende have all said they plan to use tBTC as their BTC-ETH bridge, while the newest tBTC integrations include Matcha, UMA and FalconX,” according to the blog post.
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