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BTC Proxy is live on the BNB chain and interoperable with WBTC and BTCB – Press Release Bitcoin News
press release
PRESS RELEASE. Leading DeFi protocol BTC PROXY today extended support for the Binance BNB chain as well as updating support on Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. BTCpx minting and bridging to the three networks will go live on or after March 10, 2023. This fulfilled a vision to allow the proxy community to use their Bitcoin for use in DeFi on Polygon, Ethereum and BNB Chains.
BTC Proxy’s extension to the three networks allows Minting of the BTCpx token using BTC Bitcoin, WBTC ERC20 and Polygon as well as BTCB BEP20. This is a huge leap forward for the Bitcoin DeFi ecosystem as it opens up the protocol to 19.2 million Bitcoins in circulation as well as 52,979 BTCb on Binance as well as 176,097 WBTC in circulation on Ethereum and Polygon.
No other project offers the use of insured custody to hold Bitcoin. BTC Proxy is suitable for fully custodial investment funds and holders who require assurance from a qualified custodian.
Qualified custodians reduce counterparty risk as holdings are insured and regulated and required to segregate client funds and are not permitted to trade or leverage their holdings. This is a hot topic since the collapse of large centralized platforms like FTX and Celsius has eroded consumer confidence in cryptocurrencies. BTC Proxy is integrated with leading custodians such as Binance Custody, Fireblocks and Gemini Trust.
Users using BTCpx can now freely move it seamlessly from one network to another and redeem it for real BTC with the new Bridge feature.
BTC Proxy’s coining and bridging capabilities move us one step closer to our goal of launching Redux, our flagship Bitcoin Market Protocol for the lending and borrowing of Bitcoin and other assets. Redux will allow decentralized security and lending of Bitcoin to replace the role of the traditional lending desks at centralized institutions.
BTC Proxy is currently operating Bitcoin Farm which is designed to be a sustainable protocol that pays out fees that have been earned from other tasks in their DeFi ecosystem including Minting, Bridging and Bonding.
With over 30 institutions already included in the protocol, including major players like Blockchain.com, the opportunities for #RealYield continue to grow. Recent events have given pause to the idea that CeFi is somehow better than DeFi. The transparency of DeFi allows protocol participants to see exactly where #RealYield is being earned.
Today’s announcement expands the protocol to another major network as it sees its goal to be the leader in Bitcoin DeFi. BTC Proxy is positioned as the safest, fastest and most efficient protocol to provide decentralized utility for Bitcoin. The development protocol focuses on value addition to the $PRXY token and upcoming protocol development looks to continue this trend via #RealYield.
Donnie Kim, CEO of BTC Proxy said:
“At BTC PROXY, we are focused on making Bitcoin work for holders, work for DeFi and work for the wider community. Bitcoins are good at storing value, but unlocking and spending that value is not easy. Today’s announcement is another big step in expanding reliable and secure methods of putting BTC to work.
As a protocol, we have always been clear that our solutions must be reliable, safe and efficient. Centralized services have well-documented risks. These have led to recent well-publicized failures affecting everyone in the sector.
BTC Proxy believes that BTC holders should not have to “cross their fingers” when investing their assets. Our insured custody model guarantees the safety of investments, making our new features the perfect choice for individuals and institutions alike.
About BTC PROXY
BTC Proxy is a multi-institutional protocol for decentralized tokenization of Bitcoin and now WBTC and BTCB on Ethereum, Polygon and now BNB Chain. Proxy provides Bitcoin holders with a tool to transfer value to DeFi with reduced risk of theft or loss.
BTC Proxy is also a DeFi ecosystem that allows Bitcoin farming, Compound Staking, Bonding, etc using its native PRXY and BTCpx tokens.
Coming soon our flagship Bitcoin Market Protocol called Redux.
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Twitter: @BTC_proxy
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