press launch
PRESS RELEASE. Main DeFi protocol BTC PROXY immediately expanded help for the Binance BNB Chain in addition to updating help on Ethereum and Polygon for his or her ($BTCpx) Bitcoin Proxy. Minting and bridging of BTCpx to the three networks goes reside on or after March tenth, 2023. This fulfilled a imaginative and prescient of permitting the Proxy group to make the most of their Bitcoin to be used in DeFi on Polygon, Ethereum and BNB Chains.
BTC Proxy’s growth to the three networks permits the Minting of BTCpx token utilizing BTC Bitcoin, WBTC ERC20 and Polygon in addition to BTCB BEP20. It is a main leap ahead for the Bitcoin DeFi ecosystem because it opens up the protocol to 19.2M Bitcoins in circulation in addition to 52,979 BTCb on Binance in addition to 176,097 WBTC in circulation on Ethereum and Polygon.
No different challenge gives the utilization of insured custody to carry Bitcoin. BTC Proxy is appropriate for full custody funding funds and holders that want the peace of mind of a certified custodian.
Certified custodians cut back counterparty danger because the holdings are insured and controlled and required to segregate consumer funds and will not be permitted to commerce or leverage their holdings. It is a sizzling matter for the reason that collapse of main centralized platforms like FTX and Celsius have eroded shopper belief in cryptocurrencies. BTC Proxy is built-in with main custodians resembling Binance Custody, Fireblocks and Gemini Belief.
Customers utilizing BTCpx can now freely transfer it seamlessly from one community to a different and redeem it for actual BTC with the brand new Bridge perform.
BTC Proxy’s minting and bridge features strikes us one step nearer to our aim of launching Redux, our flagship Bitcoin Market Protocol for lending and borrowing of Bitcoin and different belongings. Redux will permit for the decentralised collateralization and the borrowing of Bitcoin to exchange the function of the standard lending desks at centralized establishments.
BTC Proxy at the moment operates The Bitcoin Farm which is designed to be a sustainable protocol that pays out charges which have been earned from different duties of their DeFi ecosystem together with Minting, Bridging and Bonding.
With over 30 establishments onboarded to the protocol already, together with main gamers like Blockchain.com, the chances for #RealYield retains rising. Latest occasions have given pause to the concept CeFi is in any approach superior to DeFi. The transparency of DeFi permits protocol contributors to see precisely the place the #RealYield is being earned.
Right now’s announcement expands the protocol onto one other main community because it eyes its aim to be the chief in Bitcoin DeFi. BTC Proxy is positioned because the most secure, quickest, and most effective protocol to supply decentralized utility for Bitcoin. The growing protocol focuses on worth accrual to the $PRXY token and coming protocol developments look to proceed that pattern through #RealYield.
Donnie Kim, BTC Proxy CEO stated:
“At BTC PROXY, we’re targeted on making Bitcoin work for holders, work for DeFi, and work for the broader group. Bitcoin is nice at storing worth however unlocking and utilizing that worth is just not simple. Right now’s announcement is one other main step for increasing dependable and warranted strategies to place BTC to work.
As a protocol, we’ve got at all times been clear that our options needs to be trusted, protected, and environment friendly. Centralized companies have well-documented dangers. These have led to latest well-publicised failures that impression on everybody within the sector.
BTC Proxy believes that BTC holders mustn’t should ‘cross their fingers’ when investing their belongings. Our insured custody mannequin ensures the security of investments, making our new features the proper selection for people and establishments alike.
About BTC PROXY
BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin and now WBTC and BTCB on Ethereum, Polygon and now BNB Chain. Proxy offers Bitcoin holders a utility to switch worth into DeFi with decreased danger of theft or loss.
BTC Proxy can be a DeFi ecosystem that enables the Farming of Bitcoin, Compound Staking, Bonding, and so on utilizing its native PRXY and BTCpx tokens.
Coming quickly our flagship Bitcoin Market Protocol referred to as Redux.
Media Enquiries: hello@btcproxy.io
Internet: https://btcproxy.io
Twitter: @BTC_proxy
Discord: https://discord.gg/JVHUbREbBU
It is a press launch. Readers ought to do their very own due diligence earlier than taking any actions associated to the promoted firm or any of its associates or companies. Bitcoin.com is just not accountable, immediately or not directly, for any harm or loss brought about or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or companies talked about within the press launch.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
