BTC PROXY: Bitcoin proxy expands to Binance BNB Chain and Polygon

Author: Proxy

Compiled by: ChainCatcher

Leading DeFi protocol BTC PROXY today expanded its support for the Binance BNB Chain and updated its support for Ethereum and Polygon for its ($BTCpx) Bitcoin proxy. The minting and bridging of BTCpx to the three networks will go live on or after March 10, 2023. This realizes the vision of allowing the Proxy community to utilize their Bitcoin for DeFi on Polygon, Ethereum, and BNB Chain.

BTC Proxy expands to three networks, allowing the use of BTC Bitcoin, WBTC ERC20, and Polygon as well as BTCB BEP20 to mint BTCpx tokens. This is a significant leap for the Bitcoin DeFi ecosystem, as it opens the protocol to the circulation of 19.2 million Bitcoins, 52,979 BTCb on Binance, and 176,097 WBTC circulating on Ethereum and Polygon.

No other project offers the use of insured custody to hold Bitcoin. BTC Proxy is suitable for fully managed investment funds and holders who require qualified custodian guarantees.

Qualified custodians can reduce counterparty risk, as the held assets are insured and regulated, and they are required to segregate client funds and are not allowed to trade or leverage the assets they hold. This is a hot topic, as the collapses of major centralized platforms like FTX and Celsius have undermined consumer trust in cryptocurrencies. BTC Proxy integrates with leading custodians such as Binance Custody, Fireblocks, and Gemini Trust.

Users of BTCpx can now freely move it seamlessly from one network to another and use the new Bridge feature to exchange it for real BTC.

The minting and bridging capabilities of BTC Proxy bring us one step closer to launching Redux, our flagship Bitcoin market protocol for lending Bitcoin and other assets. Redux will allow decentralized collateralization and Bitcoin lending, replacing the role of centralized institutions' traditional lending desks.

BTC Proxy currently operates a Bitcoin farm designed to be a sustainable protocol for paying fees earned from other tasks in its DeFi ecosystem, including minting, bridging, and binding.

More than 30 institutions have already joined the protocol, including major players like Blockchain.com, with the potential for #RealYield continuously growing. Recent events have made people skeptical that CeFi is superior to DeFi in any aspect. The transparency of DeFi allows protocol participants to see exactly where #RealYield's revenue comes from.

Today's announcement expands the protocol to another major network, as it aims to become a leader in Bitcoin DeFi. BTC Proxy positions itself as the safest, fastest, and most efficient protocol for providing decentralized utility for Bitcoin. The developing protocol focuses on the appreciation of the $PRXY token, with upcoming protocol developments hoping to continue this trend through #RealYield.

BTC Proxy CEO Donn Kim said:

\"At BTC PROXY, we focus on making Bitcoin work for holders, for DeFi, and for the broader community. Bitcoin excels at storing value, but unlocking and using that value is not easy. Today's announcement is another important step in expanding reliable and trustworthy methods to make BTC work.

As a protocol, we have always been clear that our solutions should be trustworthy, secure, and efficient. Centralized services come with documented risks. These have led to the widely publicized failures that have affected everyone in the industry.

BTC Proxy believes that BTC holders should not have to \"pray\" when investing their assets. Our insured custody model guarantees the safety of investments, making our new features a perfect choice for individuals and institutions.

BTC Proxy is a multi-institution protocol for the decentralized tokenization of Bitcoin, now on Ethereum, Polygon, and now BNB Chain with WBTC and BTCB. Proxy provides Bitcoin holders with a utility to transfer value into DeFi while reducing the risk of theft or loss.

BTC Proxy is also a DeFi ecosystem that allows Bitcoin mining, compound staking, binding, and more using its native PRXY and BTCpx tokens.

Coming soon: Our flagship Bitcoin market protocol: Redux.