BTC Proxy Announces Strategic Partnership With Blockchain․com to Expand Bitcoin DeFi Ecosystem

PRESS RELEASE. BTC Proxy, the Bitcoin Liquidity Protocol on Polygon, has entered right into a strategic partnership with Blockchain.com, one of many world’s largest crypto platforms and an early pioneer of key Bitcoin infrastructure. As a part of the partnership, Blockchain.com will add BTC Liquidity into the Proxy ecosystem by Minting BTCpx. Moving Bitcoin to the Polygon community will broaden the DeFi ecosystem and supply reward alternatives for customers.

BTC Proxy believes it has solved an actual ache level with Bitcoin by making a mechanism of interoperability to entry saved worth from long-term holders with out sacrificing security by using certified custodians. This tokenized quantity can then be utilized to supply liquidity and drive worth to all of the networks concerned.

BTCpx is the tokenized receipt of Bitcoin (BTC) that has been deposited into a certified custodian. In this association, the BTCpx is used to navigate by fastidiously crafted and sustainable reward applications while conserving the Bitcoin below a number of layers of safety and permitting for even higher accountability and security than ever earlier than.

“This relationship with Blockchain.com entails the participation of one of many unique and most trusted names in crypto. It is a big milestone for the venture and alerts confidence throughout the institutional area to see BTC Proxy as an choice for important Bitcoin holders.”

 — Donn Kim, CEO BTC Proxy

Minting BTCpx is a decentralized course of that occurs when BTC is deposited right into a specified deposit tackle at a Custodian. The protocol mints the BTCpx token upon detection and affirmation of the deposit.

The significance of Blockchain.com’s participation extends past the quantity of BTC being deposited; it additionally ushers within the participation of the Polygon Foundation, incentivizing the extra motion of BTC with $Matic Tokens whereas concurrently growing the Total Value Locked (TVL) on the community. The Polygon Foundation can even provide $Matic Tokens every time a person Mints BTCpx onto Polygon. This offers new customers coming to the community, and gasoline to carry out the next transactions. These incentives and way more might be summed up in an upcoming advertising marketing campaign dubbed #BTConPolygon. Stay tuned for extra particulars.

“More Bitcoin provide being saved in chilly storage signifies a holding tradition. Therefore, holding is a favoured technique within the Bitcoin market, with long-term holders and crypto whales main the race.”  — Blockchain.information Sept 24 2021

Depositing Bitcoin into certainly one of BTC Proxy’s insured custodial companions ensures the most secure holding environments.

“Bitcoin is not like an altcoin the place custody just isn’t considered and the place security is closely favored over threat.” — Donn Kim

Three Mechanisms Increase TVL of the Network

Within the DeFi ecosystem, BTCpx may be staked right into a program known as iBTCpx (Interest Bearing BTCpx) which yields $PRXY governance tokens for every block. $PRXY derives its worth from the Total Value Locked (TVL) gained from Minting, Staking after which Restaking ( MCAP/TVL ratios of most DeFi protocols may be researched at DefiLlama).

Restaking permits members to speed up their features once they Claim and Stake the $PRXY rewards into the principle Compounding Staking Pool. Detailed Calculations may be discovered beneath. Annual Percentage Yield (APY) values might fluctuate.

Provide BTC Liquidity to say PRXY and MATIC rewards:

1. Deposit BTC into custody to mint BTCpx (Polygon) https://btcpx.btcproxy.io
2. Deposit BTCpx into the iBTCpx program to earn PRXY tokens https://app.btcproxy.io/#/programs
3. Claim and Stake PRXY rewards into the compounding staking program to earn 170% APY https://app.btcproxy.io/#/stake

View the Full Presentation for the Bitcoin Yield Strategy https://ggle.io/4XZw

About Blockchain.com

Blockchain.com is connecting the world to the way forward for finance. The international firm, with a global staff unfold the world over, is probably the most trusted and quickest rising crypto firm, serving to thousands and thousands throughout the globe safely entry cryptocurrency. Venture backed since 2014, Blockchain.com has raised $537M of fairness capital most not too long ago at a $5.2B valuation. Visit Blockchain.com for more information, observe us on Twitter @blockchain, take a look at The Blockchain.com Podcast, and skim our blog for the most recent firm information.

About BTC Proxy

Launched on July 30, 2021, BTC Proxy offers a extra scalable layer-2 protocol to decentralize the tokenization of Bitcoin utilizing a permissionless interface. At its core BTCpx is a Bitcoin bridge utilizing insured multisig third-party custodians to facilitate the participation of Bitcoin (BTC) in DeFi. With BTC Proxy, people and establishments can safely earn sustainable yields and rewards to outperform most merchandise accessible for the Bitcoin Marketplace. Visit BTCproxy.io for more information, observe us on Twitter @BTC_proxy, take a look at our articles on Medium for the most recent information.

This is a press launch. Readers ought to do their very own due diligence earlier than taking any actions associated to the promoted firm or any of its associates or companies. Bitcoin.com just isn’t accountable, instantly or not directly, for any injury or loss induced or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about within the press launch.