tBTC: Thesis raises $ 7.7M to bring Bitcoin into DeFi

Credit: Pixabay – Eivind Pedersen

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1 With its digital piece tBTC, Thesis wants to allow bitcoiners to use their bitcoins in applications of Decentralized Finance (DeFi).

1.1 Connect more Bitcoin and Ethereum

1.2 Related posts:

With its digital piece tBTC, Thesis wants to allow bitcoiners to use their bitcoins in applications of Decentralized Finance (DeFi).

In a second round of funding, Thesis collected $ 7.7 million by selling his tokens Keep to several large investors in the crypto ecosystem such as Paradigm, Collaborative Fund and Fenbushi Capital.

The Californian startup, which already publishes Fold, a mobile application that allows you to spend your bitcoins in shops, is preparing to launch its blockchain keep and its platform tBTC.

Connect more Bitcoin and Ethereum

The platform will create erc-20 tokens supported by Bitcoin and appointed tBTC which will offer owners of bitcoins to easily access DeFi applications network-based Ethereum.

The applications of Decentralized Finance have been in high demand. The Bitcoin is the largest cryptocurrency in the world. Building a bridge that allows Bitcoin to interact with DeFi makes a lot of sense, ”commented Paradigm co-founder Fred Ehrsam.

Bitcoin is actually already present on Ethereum, especially with wBTC, a bitcoin-backed stablecoin on Ethereum launched by BitGo Last year. However, wBTC is based on a single custodian unlike tBTC which would offer more decentralization thanks to its Keep blockchain.

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According to Matt Luongo, the CEO of Thesis, the token tBTC will initially be offered on Lending DApps like Compound.

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Although the value involved in the Decentralized Finance has crossed the billion dollar cap at the start of the year, it has today dropped considerably, particularly following the fall in market prices in March, and now shows $ 676 million.

To assemble Bitcoin and Ethereum will allow the blockchain economy to grow more fully, ”said Steven Becker, president of MakerDAO, the most popular DeFi protocol today.

Recently the giant Coinbase has rolled out a new feature on its wallet allowing its customers to use applications Challenge.