BTC proxy is live on the BNB chain and interoperable with WBTC and BTCB – Bitcoin News press release

press release

PRESS RELEASE. Leading DeFi protocol BTC PROXY today expanded support for Binance BNB Chain and updated Ethereum and Polygon support for its ($BTCpx) Bitcoin Proxy. BTCpx minting and bridging to the three networks will go live on or after March 10, 2023. This fulfilled a vision of allowing the proxy community to use their Bitcoin for use in DeFi on Polygon, Ethereum, and BNB chains.

The extension of BTC Proxy to the three networks allows for the minting of BTCpx tokens with BTC Bitcoin, WBTC ERC20 and Polygon, and BTCB BEP20. This is a big step forward for the Bitcoin DeFi ecosystem as it opens the protocol to 19.2 million bitcoins in circulation as well as 52,979 BTCb on Binance and 176,097 WBTC in circulation on Ethereum and Polygon.

No other project offers the use of insured custody to store bitcoin. BTC Proxy is suitable for fully custodial mutual funds and holders who need the reassurance of a qualified custodian.

Qualified custodians reduce counterparty risk as holdings are insured, regulated and required to segregate client funds and are not authorized to trade or leverage their holdings. This is a hot topic as 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 seamlessly move it from one network to another and redeem it for real BTC with the new Bridge feature.

BTC Proxy’s minting and bridging capabilities bring us one step closer to our goal of launching Redux, our flagship bitcoin market protocol for lending and borrowing 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 as a sustainable protocol that pays out fees earned through other tasks in their DeFi ecosystem, including minting, bridging, and bonding.

With over 30 institutions already on the protocol, including big players like Blockchain.com, the opportunities for #RealYield continue to grow. Recent events have put an end to the notion that CeFi is in any way superior to DeFi. DeFi’s transparency allows participants in the protocol to see exactly where the #RealYield is being earned.

Today’s announcement expands the protocol to another major network as it sets its sights on becoming the Bitcoin DeFi leader. BTC Proxy is positioned as the safest, fastest, and most efficient protocol to use Bitcoin in a decentralized manner. The evolving protocol is focused on increasing the value of the $PRXY token, and upcoming protocol developments appear 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, for DeFi and for the broader community. Bitcoin is great for storing value, but unlocking and using that value isn’t easy. Today’s announcement is another major step in expanding reliable and secure methods of getting BTC running.

As a protocol, we have always understood that our solutions should be trusted, secure and efficient. Centralized services have well-documented risks. These have led to high profile failures in recent times, affecting everyone in the industry.

BTC Proxy believes that BTC holders need not cross their fingers when investing their wealth. 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-entity protocol for 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 into DeFi with reduced risk of theft or loss.

BTC Proxy is also a DeFi ecosystem that enables Bitcoin farming, compound staking, bonding, etc. using its native PRXY and BTCpx tokens.

Coming soon is 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 conduct their own due diligence before taking any action related to the advertised business or 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 use of or reliance on any content, goods or services mentioned in the press release.

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