" class="no-js "lang="en-US"> Leading Bitcoin DeFi Protocol BTC Proxy Expands Support for BNB Chain - Fintech Finance
Monday, May 27, 2024

Leading Bitcoin DeFi Protocol BTC Proxy Expands Support for BNB Chain

Leading DeFi protocol BTC PROXY today expanded support for the Binance BNB Chain as well as updating support on Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. Minting and bridging of BTCpx to the three networks went live on March 8th, 2023. This fulfilled a vision of allowing the Proxy community to utilize their Bitcoin for use in DeFi on Polygon, Ethereum and BNB Chains.

BTC Proxy’s expansion to the three networks allows the Minting of BTCpx token using BTC Bitcoin, WBTC ERC20 and Polygon as well as BTCB BEP20. This is a major leap forward for the Bitcoin DeFi ecosystem as it opens up the protocol to 19.2M 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 usage of insured custody to hold Bitcoin. BTC Proxy is suitable for full custody investment funds and holders that need the assurance of a qualified custodian.

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 a hot topic since the collapse of major centralized platforms like FTX and Celsius have eroded consumer trust 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 seamlessly from one network to another and redeem it for real BTC with the new Bridge function.

BTC Proxy’s minting and bridge functions moves us one step closer to our goal of launching Redux, our flagship Bitcoin Market Protocol for lending and borrowing of Bitcoin and other assets. Redux will allow for the decentralized collateralization and the borrowing of Bitcoin to replace the role of the traditional lending desks at centralized institutions.

BTC Proxy currently operates The Bitcoin Farm which is designed to be a sustainable protocol that pays out fees that have been earned from other tasks in their DeFi ecosystem including Minting, Bridging and Bonding.

With over 30 institutions onboarded to the protocol already, including major players like Blockchain.com, the possibilities for #RealYield keeps growing. Recent events have given pause to the idea that CeFi is in any way superior to DeFi. The transparency of DeFi allows protocol participants to see exactly where the #RealYield is being earned.

Today’s announcement expands the protocol onto another major network as it eyes its goal to be the leader in Bitcoin DeFi. BTC Proxy is positioned as the safest, fastest, and most efficient protocol to provide decentralized utility for Bitcoin. The developing protocol focuses on value accrual to the $PRXY token and coming protocol developments look to continue that trend via #RealYield.

Donn Kim, BTC Proxy CEO said:
“At BTC Proxy, we are focused on making Bitcoin work for holders, work for DeFi, and work for the wider community. Bitcoin is great at storing value but unlocking and using that value is not easy. Today’s announcement is another major step for expanding reliable and assured methods to put BTC to work.
As a protocol, we have always been clear that our solutions should be trusted, safe, and efficient. Centralized services have well-documented risks. These have led to recent well-publicized failures that impact on everyone in the sector.

BTC Proxy believes that BTC holders should not have to ‘cross their fingers’ when investing their assets. Our insured custody model guarantees the safety of investments, making our new functions the perfect choice for individuals and institutions alike.”

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