Keep Network Raised $7.7 Million To Launch tBTC
The launch of the tBTC network, the Bitcoin token on the Ethereum network, is one of the most ambitious and long-awaited projects. The creation of a “bridge” between Bitcoin and Ethereum has the support of many companies and private investors. In particular, Keep Protocol invested $7.7 million in the project, which was received from the sale of private tokens. This financial injection should accelerate the development of the Ethereum privacy system, the conversion mechanism and the launch of tBTC in general.
How will Bitcoin tokenization be done in Ethereum?
The main task of tBTC is to provide the opportunity to convert cryptocurrency into tokens thanks to a decentralized financing system (DeFi). Previously, attempts have been made to launch such a solution. This idea is supported by many leading cryptocurrency players, in particular Ethereum co-founder Vitalik Buterin. He noted the following:
“It was high time to create a system that would regulate the exchange between ETH and BTC exchange. In terms of functionality, it should resemble Uniswap. Now we must direct all resources for the implementation of this project.”
Now all the efforts of tBTC developers are aimed at creating a reliable mechanism for delivering Bitcoin to Ethereum. The question of maintaining data confidentiality during the conversion of digital currencies remains open. This was told by the co-founder of Paradigm Fred Ersam:
“The need to ensure data confidentiality does not allow the potential of the created blocks to be revealed.”
He also commented on the launch of the Keep protocol:
“Keep is an initiative that will take the exchange between cryptocurrencies to a new level. The implementation of this protocol will allow you to fully experience the benefits of decentralized digital solutions. Thanks to Keep, users will be able to earn on bitcoins.”
The Keep blockchain protocol was created by Thesis. Previously, developers have already distinguished themselves by the release of advanced technological solutions. In particular, this company has created a mobile application with which anyone can use Bitcoin to pay for purchases on large networks such as Starbucks and Dunkin ‘Donuts.
Through the Keep protocol, BTC will be converted to tokens on the Ethereum blockchain platform. After receiving confirmation from Keep, the user can receive tokens in his Ethereum wallet. Bitcoin owners will also be able to use credit applications.
Thesis previously sold tokens. In particular, the result of such an initiative in 2018 was the attraction of $12 million, which was aimed at developing the company’s projects.