Press release
PRESS RELEASE. Leading DeFi Protocol Bitcoin Proxy today expanded support for Binance bnb Chain and update support on Ethereum and Polygon for their Bitcoin proxy ($BTCpx). The minting and bridging of BTCpx to all three networks goes live as of March 10, 2023. This fulfilled the vision of allowing the Proxy community to use their Bitcoin for use in DeFi on Polygon, Ethereum and bnb Chains.
Bitcoin ProxyThe expansion of the three networks allows the minting of the BTCpx token using BTC Bitcoin, WBTC ERC20 and Polygon, as well as BTCB BEP20. This is a major breakthrough 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 secured custody to hold Bitcoin. BTC Proxy is suitable for fully custodial investment funds and holders who need the security of a qualified custodian.
Qualified custodians reduce counterparty risk as holdings are insured and regulated and they are required to segregate client funds and are not allowed to trade or leverage their holdings. This is a hot topic as the collapse of major 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 function.
BTC Proxy’s bridging and minting features bring us one step closer to our goal of launching Redux, our flagship Bitcoin marketplace protocol for loans and loans of Bitcoin and other assets. Redux will enable decentralized collateralization and Bitcoin lending to replace the role of traditional lending desks at centralized institutions.
BTC Proxy currently operates The Bitcoin Farm which is designed to be a sustainable protocol that pays fees that have been earned from other tasks in its DeFi ecosystem, including Minting, Bridging, and Bonding.
With over 30 institutions joining the protocol, including major players like Blockchain.com, the possibilities for #RealYield continue to grow. Recent events have put the idea that CeFi is somehow superior to DeFi on hold. DeFi transparency allows protocol participants to see exactly where #RealYield is being earned.
Today’s announcement expands the protocol to another major network as it furthers its goal of being the leader in Bitcoin DeFi. BTC Proxy is positioned as the most secure, fast and efficient protocol to provide a decentralized utility for Bitcoin. The protocol under development focuses on the accumulation of value for the $PRXY token and the next developments of the protocol seek to continue that trend through #RealYield.
donnie kim, BTC The proxy CEO said:
“In BTC PROXY, we are focused on making Bitcoin work for holders, work for DeFi, and work for the community at large. Bitcoin is great for storing value, but unlocking and using that value isn’t easy. Today’s announcement is another important step in expanding reliable and secure methods of putting BTC work.
As a protocol, we have always been clear that our solutions must be reliable, secure and efficient. Centralized services have well-documented risks. These have led to recent well-publicized failures that shock everyone in the industry.
BTC Proxy believes that BTC holders should not have to ‘cross their fingers’ when investing their assets. Our insured custody model guarantees the security of investments, making our new features the perfect choice for both individuals and institutions.
About BTC ATTORNEY
Bitcoin 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 gives Bitcoin holders a utility to transfer value to DeFi with reduced risk of theft or loss.
BTC Proxy is also a DeFi ecosystem that allows for Bitcoin farming, compound staking, pegging, etc. using their native PRXY and BTCpx tokens.
Coming soon our flagship Bitcoin Market Protocol called Redux.
Media inquiries: [email protected]
Web: https://btcproxy.io
Twitter: @BTC_proxy
Discord: https://discord.gg/JVHUbREbBU
This is a press release. Readers should do their own due diligence before taking any action related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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