The relationship between Bitcoin and DeFi market
Thesis is working on another project, the Ren protocol, which also aims to bridge the gap between Bitcoin and the DeFi market, which is still largely based on Ethereum.I am especially excited about tBTC, the first ‘killer app’ supported by the Keep network, that allows people to safely earn with their Bitcoin and take advantage of decentralized finance products built on Ethereum.The decentralised financial market is seen by some experts as the new future market on which many future financial applications will be based. Therefore, innovative companies are trying to gain direct access to this market.
To solve this problem, Thesis has announced tBTC. tBTC is an Ethereum-based ERC20 token that will bring Bitcoin to the Ethereum blockchain. For the further development Thesis has made a private token sale to finance the further development.On Thursday Thesis announced that the platform for creating Bitcoin covered tBTC tokens on will soon be launched. CEO and founder of Thesis, Matt Luongo, did not give a fixed date, but stated that this will happen in “weeks not months”. The idea for a Bitcoin-Ethereum bridge came from the development of the Bitcoin Rewards app Fold, Luongo told Coindesk.
On the platform, the private keys are needed to access the tokens are monitored and securely stored using the company’s own security software Keep. Keep is also still under development, but both the platform and Keep will be released at the same time, as both systems require each other.
In a private token sale, developer studio Venture Studio Thesis has already raised a total of $7.7 million in capital from tech heavyweights such as Paradigm Capital, Fenbushi Capital and the Collaborative Fund. Already in December 2018, Keep was able to raise venture capital in a financing round led by Draper Associates, Polychain Capital and Andreessen Horowitz.
Decentralized financial applications on Ethereum have seen clear demand. Bitcoin is the world’s largest cryptocurrency. Building a bridge that allows Bitcoin to interact with DeFi makes a lot of sense, and tBTC is a credible attempt to do exactly that.
Author : Collin Brown