payment solutions

The Bitcoin DeFi protocol Brotocol is officially launched, introducing cross-chain trading and payment solutions

ChainCatcher news, according to official sources, the Bitcoin native DeFi protocol Brotocol has officially launched, aiming to promote the development of "BTCFi" (Bitcoin ecosystem DeFi) by building cross-chain infrastructure, trading, and payment tools. It is reported that Brotocol positions Bitcoin as the core asset of DeFi, emphasizing the connection of global liquidity through a native cross-chain solution without relying on Ethereum architecture.The core functional modules include:BroBridge (Cross-chain bridging)Supports users to transfer on-chain stablecoins (such as USDC) from chains like Arbitrum and Solana into the Bitcoin network, and allows assets to be staked through the Babylon protocol, maintaining Bitcoin's attributes as a foundational financial account.BroSwap (On-chain trading, currently in public beta)Allows users to exchange tokens directly within Bitcoin wallets (such as Xverse), supporting swaps between BTC and assets like USDT, SOL, ETH, and MEME coins, without the need to manage multiple chain wallets.BroPay (Payment gateway)Non-Bitcoin users can pay merchants using ETH, SOL, or USDT, with the backend automatically converting to native BTC for settlement, reducing the entry barrier for using the Bitcoin ecosystem.Brotocol plans to collaborate with multi-chain projects to build a unified ecosystem and has already partnered with Joltz to integrate USDT and Taproot assets, connecting the Bitcoin Lightning Network, Liquid sidechain, and DeFi protocols. Its long-term goal is to provide seamless Bitcoin financial infrastructure for developers, users, and merchants.The project team claims that the introduction of on-chain stablecoins for Bitcoin may trigger a "BTCFi Summer," encouraging users to manage BTC and stablecoins through a single Bitcoin wallet and participate in DeFi applications. More technical details can be found in their official Medium article.

Airstar Bank collaborates with JD Coin Chain to explore stablecoin-based cross-border payment solutions for enterprises

ChainCatcher news, Airstar Bank Limited announced a collaboration with JINGDONG Coinlink, a subsidiary of JD Group, on the Hong Kong Monetary Authority's stablecoin issuer "sandbox." As one of the participants in the "sandbox," JINGDONG Coinlink plans to utilize the "sandbox" environment for innovation, testing, and improvement, dedicated to developing blockchain-based cross-border payment solutions using the latest technology to help businesses address challenges and enhance payment experiences in cross-border transactions.Relevant information indicates that the stablecoin issuer "sandbox" was launched by the Monetary Authority on March 12, 2024. Through the "sandbox," the Monetary Authority can communicate regulatory expectations and provide guidance to institutions planning to issue fiat stablecoins in Hong Kong, while participants can test the feasibility of their expected business models and directly communicate with the Monetary Authority to understand how to comply with future regulatory requirements.It is reported that Airstar Bank (full name: Airstar Bank Limited) was granted a banking license by the Hong Kong Monetary Authority in 2019. On June 7, 2024, Futu Holdings (FUTU.US) announced that it had completed an investment of HKD 440 million in Gravitation Fintech HK Limited, the parent company of the licensed virtual bank Airstar Bank in Hong Kong. After this change, Xiaomi Group holds 50.30% and Futu holds 44.11%.
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