Bitcoin reaches Tezos: Swiss companies create tzBTC, BTC-based token in the Tezos network

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The Tezos Foundation and the Swiss Bitcoin Association have launched tzBTC, a token that BTC supports in the network of Tezos. The initiative is Tezos’ first attempt to venture into DeFi products.

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A group of Swiss crypto companies band together to bring Bitcoin to Blockchain from Tezos. As reported by several news media, this is Tezos FoundationThe Swiss Bitcoin Association and other partners become tzBTC, a Token supported by BTC in the network Tezos.

According to reports, the Token is supported 1: 1 by Bitcoin and follows the standard of FA1.2 token from Tezos. In addition, it offers its owners the opportunity to interact with the smart contracts from Tezos at the moment it is related to the value of Bitcoin. According to the company, the asset will also be the first decentralized financing (DeFi) instrument in the EU Blockchain by Tezos.

In a statement, the President of the Swiss Bitcoin AssociationLucas Betschart commented on the project:

The tzBTC brings the brand and liquidity of Bitcoin to the Tezos blockchain and gains the potential of a comprehensive functionality that is made possible by Tezos smart contracts.

tzBTC: BTC in the Tezos network

The tzBTC system will consist of two parts: “Key holder“(Or key holder) and”Gatekeeper”(Or guardian). The Swiss Bitcoin Associationwho developed it Token along with Tezos Foundationwill act as external supervisor and facilitator of the project and will be responsible for regulating licensees.

For their part, four Swiss companies will act as the main key holders of the crypto project, which is responsible for the mining and burning of the crypto project Token tzBTC. The token issuer, Swiss crypto token;; the service company Blockchain, Inacta AG, the asset infrastructure group, bull and the cryptographic legal services company, LEXR.

As for the guards or “goalkeeper“You will be responsible for accepting and assigning Bitcoin to users tzBTC in return. Cryptographic financial services company Bitcoin Suisse, the crypto bank Sygnum, the creator of the crypto markets, Woorton and crypto exchange Bity You are some of the guardians of the project. According to the official tzBTC website, there is no limit to the amount of goalkeeper allowed.

According to the Swiss Association, the only difference is between Bitcoin y tzBTC is that the latter can interact with the functions of the Blockchain from Tezos. In this sense, he emphasized the implementation of applications DeFi network-based. Armin Schmid, managing director of Swiss crypto tokenhighlighted TheBlock the importance of bringing BTC Tezos::

Taking the largest cryptocurrency and connecting it to the Tezos blockchain is like taking the train to the gold mine: it enables transportation and opens up opportunities for use.

In addition, as reported Financial magnatesthe Token It is regulated according to Swiss law.

DeFi makes his way in Tezos

Many projects are currently trying to bring popular cryptocurrencies such as Bitcoin to decentralized financial platforms (DeFi). Recently DailyBitcoin reported from the tBTC project that they are developing a Token Bridge between Bitcoin and the Blockchain from Ethereum.

Roman Schnider, CFO and Chief Operating Officer of the foundation Tezosstressed that the latest project is hardly the beginning of the slump Tezos in the DeFi ecosystem. The director announced that the community is building other products and that the next nuclear exchange and maybe one Token based on ether.

In addition, the DeFi protocol could soon be added to the tFiBTC project. StakerDAO based on Tezoswhich is expected to start this quarter as reported Coindesk. StakerDAO is a platform that automates capital allocation for participation in various protocols based on generating returns for investors. In this context, Schmid said TheBlock that the group is optimistic about developing DeFi products.

We firmly believe in the benefits of decentralization and it is great to be part of this decentralized community effort to connect the Bitcoin ecosystem with the growing Tezos community and all the possibilities of the Tezos blockchain.

As reported TheBlockTzBTC does not currently have any specific decentralized financial integrations (DeFi). possibly because it was just started. A representative of the Tezos Foundation He told the media: “The institutional support in the DeFi community is incredibly strong“”

Increase of Tezos

Given the announcement, the value of the home currency is from TezosXTZ saw a significant increase. In the past 24 hours, the Token XTZ increased its value by about 6% at a current price of USD 2.13, according to DailyBitcoin.

Sources: tzBTC.io, Coindesk, TheBlock, Financial magnates

Hannah Estefanía Pérez ‘version / DailyBitcoin

TzBTC web image

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