#tBTC Launches With Plans to Bring More Bitcoin to Ethereum
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Thesis founder Matt Luongo announced on September 23 that the Keep Network had released what he believes is the first permissionless, censorship-resistant Bitcoin (BTC) bridge on Ethereum (ETH).
User can deposit BTC and mint tBTC on Ethereum, a tokenized form of Bitcoin that can be used in DeFi markets
The contracts have been audited and Luongo says that the overcollateralized design protects users
The asset features an increasing supply cap; liquidity mining incentives are also expected soon
tBTC is a collaborative effort of Keep, Summa and the Cross-Chain Group
The motivation is to tap into Bitcoin’s high liquidity and bring it into the DeFi space
Over $1 billion in BTC has been tokenized on Ethereum, with Wrapped Bitcoin (wBTC) being the dominant form
tBTC has received praised from some notable industry members, including Zcash founder Zooko Wilcox and Synthetix founder Kain Warwick
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