PRESS RELEASE. The leading DeFi protocol BTC PROXY today expanded support for the Binance BNB chain as well as updated support for Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. BTCpx minting and linking to the three networks will start on or after March 10, 2023. This fulfilled the vision of allowing the Proxy community to use their Bitcoin for use in DeFi on the Polygon, Ethereum and BNB chains.
The expansion of BTC Proxy to three networks enables the BTCpx token to be minted using BTC Bitcoin, WBTC ERC20 and Polygon, as well as BTCB BEP20. This is a major 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, as well as 176,097 WBTC in circulation on Ethereum and Polygon.
No other project offers the use of insured Bitcoin care. BTC Proxy is suitable for full margin mutual funds and holders who need the assurance of a qualified custodian.
Qualified custodians reduce counterparty risk as assets are insured and regulated and must segregate client funds and cannot trade or leverage their assets. This is a hot topic as the collapse of major centralized platforms such as 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 from one network to another and exchange it for real BTC thanks to the new Bridge feature.
The BTC Proxy minting and bridge features bring us one step closer to our goal of going live Redux, our flagship Bitcoin Market protocol to lend and lend Bitcoin and other assets. Redux will allow decentralized Bitcoin collateral and lending to replace the role of traditional lending bureaus in centralized institutions.
BTC Proxy is currently running Bitcoin farm which aims to be a balanced protocol that pays out fees 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 such as Blockchain.com, #RealYield opportunities continue to grow. Recent events have put the idea that CeFi is in any way better than DeFi on hold. DeFi transparency allows protocol participants to see exactly where #RealYield is being earned.
Today’s announcement extends the protocol to another major network as it aims to be a leader in Bitcoin DeFi. BTC Proxy is positioned as the safest, fastest and most efficient protocol to provide a decentralized tool for Bitcoin. The evolving protocol is focused on accruing value to the $PRXY token, and upcoming changes to the protocol aim to continue this trend with #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. Bitcoin is a great store of value, but unlocking and using that value is not easy. Today’s announcement is another important step in the development of reliable and reliable methods for launching BTC.
Following the protocol, we have always been confident that our solutions should be trustworthy, secure and efficient. There are well-documented risks associated with centralized services. This has led to recent, well-publicized failures that affect everyone in the sector.
BTC Proxy believes that BTC holders should not “squeeze their fingers” when investing their assets. Our insured fiduciary model guarantees investment security, making our new features an ideal choice for both individuals and institutions.
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 on the BNB chain. The proxy gives Bitcoin holders a tool to transfer value to DeFi with reduced risk of theft or loss.
BTC Proxy is also a DeFi ecosystem that enables Bitcoin farming, staking, binding, etc. using native PRXY and BTCpx tokens.
Our flagship Bitcoin Market Protocol called Redux is coming soon.
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