tBTC Launches With Plans to Bring More Bitcoin to Ethereum

tBTC Launches With Plans to Bring More Bitcoin to Ethereum

By Abhimanyu Krishnan | News | 23 Sep 2020

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

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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