It is now compatible with WBTC and BTCB. DeFi protocol BTC Proxy announced that it will expand support for the Binance BNB chain, updating support for Ethereum and Polygon for Bitcoin Proxy ($BTCpx). After March 10th, 2023, the casting and connection of BTCpx to the three networks began, realizing the vision of enabling the proxy community to utilize Bitcoin for use in DeFi in Polygon, Ethereum and BNB chains.
The expansion of BTC Proxy to the three networks will allow BTCpx tokens to be minted using BTC Bitcoin, WBTC ERC20, Polygon, and BTCB BEP20. This is an important development for the Bitcoin DeFi ecosystem as it opens up the protocol to the 19.2 million Bitcoin in circulation, as well as 52,979 BTCb on Binance and 176,097 WBTC on Ethereum and Polygon.
No other project provides insurance custody to hold Bitcoin. The BTC proxy is suitable for all managed investment funds and holders that require the guarantees of qualified managers.
BTC Proxy stands out from other projects as it offers the usage of insured custody to hold Bitcoin, providing assurance to full custody investment funds and holders. Qualified custodians reduce counterparty risk as the holdings are insured and regulated, and required to segregate client funds and are not permitted to trade or leverage their holdings. This is especially important since the collapse of major centralized platforms like FTX and Celsius has eroded consumer trust in cryptocurrencies. BTC Proxy is integrated with leading custodians such as Binance Custody, Fireblocks, and Gemini Trust.
Users with BTCpx can now move seamlessly from one network to another and exchange for real BTC with new Bridge features. The issuance and bridging capabilities of BTC proxies take a step closer to the goal of launching Redux, the flagship Bitcoin market protocol for lending and borrowing Bitcoin and other assets. Redux will replace the traditional lending desk role of centralized institutions by allowing decentralized collateralization and bitcoin borrowing.
The BTC proxy currently operates Bitcoin Farm, a sustainable protocol that pays out fees earned from other tasks in the DeFi ecosystem, including minting, bridging, and bonding. With over 30 institutions already signed up to the protocol, including major players like Blockchain, the potential for #RealYield continues to grow.
BTC Proxy has established itself as the safest, fastest, and most efficient protocol for providing decentralized utility for Bitcoin with a focus on value accrual of the $PRXY token, and future protocol development is expected to continue this trend with #RealYield.
According to BTC Proxy CEO Donnie Kim, they have made it clear that their solution must be reliable, secure, and efficient. Centralized services have well-documented risks, leading to recent well-publicized failures that affect everyone in the sector. BTC Proxy believes that BTC holders shouldn’t have to ‘cross their fingers’ when investing their assets; their insured custody model ensures the safety of investments, making their new feature the perfect choice for individuals and institutions alike.
In summary, BTC Proxy’s expansion onto another major network brings them one step closer to being the leader in Bitcoin DeFi. They are focused on making Bitcoin work for holders, DeFi, and the wider community, with their insured custody model providing assurance to investors. BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin and now WBTC and BTCB on Ethereum, Polygon, and BNB Chain. It also allows farming of Bitcoin, Compound Staking, Bonding, etc., using its native PRXY and BTCpx tokens, with their flagship Bitcoin Market Protocol, Redux, coming soon.
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