Thesis founder Matt Luongo announced on September 23 that the Keep Network had released what he believes is the first permissionless, censorship-resistant Bitcoin (BTC) bridge on Ethereum (ETH).

• Users can deposit BTC and mint tBTC on Ethereum, a tokenized form of Bitcoin that can be used in DeFi markets
• The contracts have been audited and Luongo says that the overcollateralized design protects users
• The asset features an increasing supply cap; liquidity mining incentives are also expected soon
• tBTC is a collaborative effort of Keep, Summa and the Cross-Chain Group
• The motivation is to tap into Bitcoin’s high liquidity and bring it into the DeFi space
• Over $1 billion in BTC has been tokenized on Ethereum, with Wrapped Bitcoin (wBTC) being the dominant form
• tBTC has received praised from some notable industry members, including Zcash founder Zooko Wilcox and Synthetix founder Kain Warwick