On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement.
Binance CEO Changpeng Zhao (CZ) announced on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). “Given changes in stablecoins and banks, Binance will convert the remaining $1 billion from the Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movements will occur onchain. Transparency,” Zhao said.
After tweeting the announcement, CZ shared an address for the Industry Recovery Initiative and a transaction explorer link for the transfer that the exchange handled. One person replied to CZ’s Twitter thread and said: “People who are a bit unnerved by recent stablecoin developments will feel much more reassured.” The Binance CEO responded that he “didn’t even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.”
At the time of writing, Binance holds 7.56 billion BUSD stablecoins, according to Nansen’s exchange portfolio tool. CZ’s announcement comes as USDC had troubles this weekend holding parity with the US dollar after the failure of Silicon Valley Bank (SVB). Furthermore, US regulators forced Paxos to stop issuing BUSD, and billions of BUSD tokens have been removed from circulation since.
While BUSD has faced regulatory scrutiny, the stablecoin managed to stay within the $0.99 to $1 range most of the time. On March 11, 2023, BUSD slightly dipped to the $0.9848 range for a short period of time, but remained stronger than five other stablecoins that deviated from $1 parity over the past weekend.
What are your thoughts on Binance’s decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement.
Binance CEO Changpeng Zhao (CZ) announced on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). “Given changes in stablecoins and banks, Binance will convert the remaining $1 billion from the Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movements will occur onchain. Transparency,” Zhao said.
After tweeting the announcement, CZ shared an address for the Industry Recovery Initiative and a transaction explorer link for the transfer that the exchange handled. One person replied to CZ’s Twitter thread and said: “People who are a bit unnerved by recent stablecoin developments will feel much more reassured.” The Binance CEO responded that he “didn’t even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.”
At the time of writing, Binance holds 7.56 billion BUSD stablecoins, according to Nansen’s exchange portfolio tool. CZ’s announcement comes as USDC had troubles this weekend holding parity with the US dollar after the failure of Silicon Valley Bank (SVB). Furthermore, US regulators forced Paxos to stop issuing BUSD, and billions of BUSD tokens have been removed from circulation since.
While BUSD has faced regulatory scrutiny, the stablecoin managed to stay within the $0.99 to $1 range most of the time. On March 11, 2023, BUSD slightly dipped to the $0.9848 range for a short period of time, but remained stronger than five other stablecoins that deviated from $1 parity over the past weekend.
What are your thoughts on Binance’s decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The token rose by as much as 15% in today’s session, with the global crypto market cap trading nearly 10% higher. Ethereum classic also moved significantly higher.
Litecoin (LTC) rose by as much as 15% to start the week, as cryptocurrency markets rebounded from recent losses.
LTC/USD surged to an intraday high of $79.53 earlier in today’s session, less than 24 hours after hitting a low of $68.66.
The move saw litecoin climb to its strongest point since last Friday, when the token was at a peak of $84.92.
Looking at the chart, one catalyst of the move appears to be the 14-day relative strength index (RSI), which broke out of a recent resistance point.
As of writing, the index is tracking at 41.05, following a move beyond the aforementioned ceiling at 40.00.
Should momentum continue in this direction, there is a strong chance that LTC bulls will take price to a ceiling at $85.00.
In addition to LTC, ethereum classic (ETC) also rebounded from recent lows during Monday’s session.
Following a low of $17.05 on Sunday, ETC/USD raced to a peak of $20.20 to start the week.
This high has also acted as a point of resistance in recent weeks, and since a collision earlier in the day, bullish momentum has marginally eased.
At the time of writing, ETC/USD is trading at $19.65, which is still nearly 15% higher than yesterday’s bottom.
Overall, it appears that previous bulls have moved to secure gains, as the RSI nears a ceiling of its own at 48.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Will this uptrend continue for the remainder of the week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The token rose by as much as 15% in today’s session, with the global crypto market cap trading nearly 10% higher. Ethereum classic also moved significantly higher.
Litecoin (LTC) rose by as much as 15% to start the week, as cryptocurrency markets rebounded from recent losses.
LTC/USD surged to an intraday high of $79.53 earlier in today’s session, less than 24 hours after hitting a low of $68.66.
The move saw litecoin climb to its strongest point since last Friday, when the token was at a peak of $84.92.
Looking at the chart, one catalyst of the move appears to be the 14-day relative strength index (RSI), which broke out of a recent resistance point.
As of writing, the index is tracking at 41.05, following a move beyond the aforementioned ceiling at 40.00.
Should momentum continue in this direction, there is a strong chance that LTC bulls will take price to a ceiling at $85.00.
In addition to LTC, ethereum classic (ETC) also rebounded from recent lows during Monday’s session.
Following a low of $17.05 on Sunday, ETC/USD raced to a peak of $20.20 to start the week.
This high has also acted as a point of resistance in recent weeks, and since a collision earlier in the day, bullish momentum has marginally eased.
At the time of writing, ETC/USD is trading at $19.65, which is still nearly 15% higher than yesterday’s bottom.
Overall, it appears that previous bulls have moved to secure gains, as the RSI nears a ceiling of its own at 48.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Will this uptrend continue for the remainder of the week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
PRESS RELEASE. Singapore, Singapore, 13th March 2023, Chainwire. BinaryX announced today the upcoming release of a space-building simulation game, Project Matthew. The team just released the trailer video which gives a first look at the game, and is also opening registration for their Closed Beta Test happening soon.
Introducing Project Matthew: The Exciting New Space-Building Game
Project Matthew is an upcoming space-building simulation game published by BinaryX.
The game takes place in outer space, where players have taken over as landlords of a distant land called Matthew. The goal of the game is for players to build their own extraterrestrial cities, by setting up industrial production lines that produce resources for further development.
Develop A City
The adventure begins as players are given an NFT plot to start their city. Players can build different types of helper robots that will contribute different skills to scavenge, battle, or explore new territories to develop the city.
Lead A Virtual Army
Players can recruit a robot army with different skills and abilities, and challenge enemies on the battlefield to earn massive rewards. The battlefield is divided into different levels of difficulties. The more difficult the level, the greater the rewards.
Explore Space
Exploration is one of the primary ways to obtain rewards and resources in Project Matthew. The gameplay features a collection of neighboring and faraway planets waiting to be explored.
“Project Matthew is our biggest project for the first half of 2023. We wanted to bring in new genres of games into the BinaryX ecosystem, and this game is the first ever simulation game that we will have on our platform. We want our players to immerse themselves in space as landowners and explorers. We’re really excited to welcome a whole new group of space enthusiasts and simulation gamers into our expanding community”, said Rudy S., Global Head of Business Operations and Development of BinaryX.
BinaryX is kicking off the launch of Project Matthew with a Closed Beta Test. Registration starts on 13 Mar, 9 PM UTC+8, and closes on 20 Mar 6 PM UTC+8.
The Closed Beta Test will be available to Windows users only, with more details to be revealed on their registration page and social media channels.
Register for the closed beta test here.
About BinaryX
BinaryX is the GameFi platform behind play-to-earn games CyberDragon and CyberChess, both of which run on the BNB chain.
BinaryX began as a decentralised derivative trading system. The team gradually evolved into developing decentralised video games, and is now a GameFi platform offering IGO services to bridge Web2 developers to Web3.
As one of the top 10 projects on the BNB Chain, BinaryX has a vast community of more than 100k coin holders and 17K monthly active wallets. It is also one of the largest metaverse projects by trading volume on the BNB chain, with more than 200 million in market cap. BinaryX also has a token, $BNX, that has consistently demonstrated strong performance despite the bear market.
For more details and information about BinaryX, please visit www.binaryx.pro
About BinaryX deck
Find BinaryX on social media: BinaryX | Twitter | Discord | Telegram | YouTube | Medium
Contact
Communications Lead
Kora K.
BinaryX
marketing@binaryx.pro
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
PRESS RELEASE. Singapore, Singapore, 13th March 2023, Chainwire. BinaryX announced today the upcoming release of a space-building simulation game, Project Matthew. The team just released the trailer video which gives a first look at the game, and is also opening registration for their Closed Beta Test happening soon.
Introducing Project Matthew: The Exciting New Space-Building Game
Project Matthew is an upcoming space-building simulation game published by BinaryX.
The game takes place in outer space, where players have taken over as landlords of a distant land called Matthew. The goal of the game is for players to build their own extraterrestrial cities, by setting up industrial production lines that produce resources for further development.
Develop A City
The adventure begins as players are given an NFT plot to start their city. Players can build different types of helper robots that will contribute different skills to scavenge, battle, or explore new territories to develop the city.
Lead A Virtual Army
Players can recruit a robot army with different skills and abilities, and challenge enemies on the battlefield to earn massive rewards. The battlefield is divided into different levels of difficulties. The more difficult the level, the greater the rewards.
Explore Space
Exploration is one of the primary ways to obtain rewards and resources in Project Matthew. The gameplay features a collection of neighboring and faraway planets waiting to be explored.
“Project Matthew is our biggest project for the first half of 2023. We wanted to bring in new genres of games into the BinaryX ecosystem, and this game is the first ever simulation game that we will have on our platform. We want our players to immerse themselves in space as landowners and explorers. We’re really excited to welcome a whole new group of space enthusiasts and simulation gamers into our expanding community”, said Rudy S., Global Head of Business Operations and Development of BinaryX.
BinaryX is kicking off the launch of Project Matthew with a Closed Beta Test. Registration starts on 13 Mar, 9 PM UTC+8, and closes on 20 Mar 6 PM UTC+8.
The Closed Beta Test will be available to Windows users only, with more details to be revealed on their registration page and social media channels.
Register for the closed beta test here.
About BinaryX
BinaryX is the GameFi platform behind play-to-earn games CyberDragon and CyberChess, both of which run on the BNB chain.
BinaryX began as a decentralised derivative trading system. The team gradually evolved into developing decentralised video games, and is now a GameFi platform offering IGO services to bridge Web2 developers to Web3.
As one of the top 10 projects on the BNB Chain, BinaryX has a vast community of more than 100k coin holders and 17K monthly active wallets. It is also one of the largest metaverse projects by trading volume on the BNB chain, with more than 200 million in market cap. BinaryX also has a token, $BNX, that has consistently demonstrated strong performance despite the bear market.
For more details and information about BinaryX, please visit www.binaryx.pro
About BinaryX deck
Find BinaryX on social media: BinaryX | Twitter | Discord | Telegram | YouTube | Medium
Contact
Communications Lead
Kora K.
BinaryX
marketing@binaryx.pro
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
PRESS RELEASE. Taipei, March 13, 2023 – Bloxmith, the player-first Web3 gaming studio, today announced that the open beta for Raiders Rumble, its unique 1v1 squad battler game for mobile powered by the Flow blockchain, is now available for download on Google Play and Apple App Store.
Raiders Rumble challenges players to apply fast-paced strategic decision making in countering the moves of their opponents. Built as a strategic esports game for the masses, it features a daily rotation of tournament modes where the top 50 percent of participants can win in-game items or RUMB tokens, Raiders Rumble’s project token.
Furthermore, players do not need a crypto wallet or digital collectibles (NFTs) to start playing and enjoying the game. To maintain competitive integrity, digital collectibles in Raiders Rumble do not provide any in-battle advantage, though they have several other unique features that make them highly valued by collectors.
“For our first game, we wanted to pioneer a new type of competitive mobile strategy game that would help bridge the gap between traditional and Web3 gamers,” said Bloxmith Co-founder and CEO Wayne Lee. “We are delighted to be working on the Flow blockchain – it solves the scalability problem for games and digital collectibles. With frictionless onboarding, social logins and familiar payment methods, Flow is built from the ground up to make it easier for mainstream users and brands to transition from Web2 to Web3.”
As part of the launch and esports nature of the game, Raiders Rumble will host three Flow-sponsored bonus tournaments. Strategy gamers will have the opportunity to win FLOW tokens, with a total prize pool worth $USD 120,000 in FLOW up for grabs for the best strategy gamers around. These Flow-sponsored tournaments are scheduled to take place between March 23-31, with more details on the Raiders Rumble website here.
“Raiders Rumble is a compelling example of a mobile game that can simultaneously appeal to a mainstream audience while introducing them to the power of Web3 gaming powered by Flow,” said Chirag Narang, Head of Product at Flow. “The Bloxmith team’s innovative take on game design and player onboarding aligns strongly with Flow’s vision and goals for our ecosystem around gaming and onboarding mainstream users to Web3.”
About Bloxmith
Founded in December 2021 by a group of passionate gaming veterans from Riot Games, Blizzard Entertainment, Pumpkin VR and Facebook Gaming, Bloxmith’s mission is to create player-first games that are still fun even after 1000+ plays. Bloxmith’s investors include Infinity Ventures Crypto, Dapper Labs, Vayala, Moon Holdings, Bitoro, SEA Pixel, and Results.io.
For more information, visit: Website | Twitter | LinkedIn | Discord
For media inquiries, contact: Deon Moh, hello@bloxmith.com
About Flow
Flow is a decentralized layer one blockchain designed for onboarding mainstream consumers. Frictionless, secure and eco-friendly, Flow empowers developers to innovate and push the limits that will bring the next billion to Web3. Today, Flow is home to a thriving ecosystem of creators from top brands, development studios, venture-backed startups, crypto leaders, and more. For more information, visit www.flow.com.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
PRESS RELEASE. Taipei, March 13, 2023 – Bloxmith, the player-first Web3 gaming studio, today announced that the open beta for Raiders Rumble, its unique 1v1 squad battler game for mobile powered by the Flow blockchain, is now available for download on Google Play and Apple App Store.
Raiders Rumble challenges players to apply fast-paced strategic decision making in countering the moves of their opponents. Built as a strategic esports game for the masses, it features a daily rotation of tournament modes where the top 50 percent of participants can win in-game items or RUMB tokens, Raiders Rumble’s project token.
Furthermore, players do not need a crypto wallet or digital collectibles (NFTs) to start playing and enjoying the game. To maintain competitive integrity, digital collectibles in Raiders Rumble do not provide any in-battle advantage, though they have several other unique features that make them highly valued by collectors.
“For our first game, we wanted to pioneer a new type of competitive mobile strategy game that would help bridge the gap between traditional and Web3 gamers,” said Bloxmith Co-founder and CEO Wayne Lee. “We are delighted to be working on the Flow blockchain – it solves the scalability problem for games and digital collectibles. With frictionless onboarding, social logins and familiar payment methods, Flow is built from the ground up to make it easier for mainstream users and brands to transition from Web2 to Web3.”
As part of the launch and esports nature of the game, Raiders Rumble will host three Flow-sponsored bonus tournaments. Strategy gamers will have the opportunity to win FLOW tokens, with a total prize pool worth $USD 120,000 in FLOW up for grabs for the best strategy gamers around. These Flow-sponsored tournaments are scheduled to take place between March 23-31, with more details on the Raiders Rumble website here.
“Raiders Rumble is a compelling example of a mobile game that can simultaneously appeal to a mainstream audience while introducing them to the power of Web3 gaming powered by Flow,” said Chirag Narang, Head of Product at Flow. “The Bloxmith team’s innovative take on game design and player onboarding aligns strongly with Flow’s vision and goals for our ecosystem around gaming and onboarding mainstream users to Web3.”
About Bloxmith
Founded in December 2021 by a group of passionate gaming veterans from Riot Games, Blizzard Entertainment, Pumpkin VR and Facebook Gaming, Bloxmith’s mission is to create player-first games that are still fun even after 1000+ plays. Bloxmith’s investors include Infinity Ventures Crypto, Dapper Labs, Vayala, Moon Holdings, Bitoro, SEA Pixel, and Results.io.
For more information, visit: Website | Twitter | LinkedIn | Discord
For media inquiries, contact: Deon Moh, hello@bloxmith.com
About Flow
Flow is a decentralized layer one blockchain designed for onboarding mainstream consumers. Frictionless, secure and eco-friendly, Flow empowers developers to innovate and push the limits that will bring the next billion to Web3. Today, Flow is home to a thriving ecosystem of creators from top brands, development studios, venture-backed startups, crypto leaders, and more. For more information, visit www.flow.com.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
PRESS RELEASE. Leading DeFi protocol BTC PROXY today expanded support for the Binance BNB Chain as well as updating support on Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. Minting and bridging of BTCpx to the three networks goes live on or after March 10th, 2023. This fulfilled a vision of allowing the Proxy community to utilize their Bitcoin for use in DeFi on Polygon, Ethereum and BNB Chains.
BTC Proxy’s expansion to the three networks allows the Minting of BTCpx token using BTC Bitcoin, WBTC ERC20 and Polygon as well as BTCB BEP20. This is a major leap forward for the Bitcoin DeFi ecosystem as it opens up the protocol to 19.2M Bitcoins in circulation as well as 52,979 BTCb on Binance as well as 176,097 WBTC in circulation on Ethereum and Polygon.
No other project offers the usage of insured custody to hold Bitcoin. BTC Proxy is suitable for full custody investment funds and holders that need the assurance of a qualified custodian.
Qualified custodians reduce counterparty risk as the holdings are insured and regulated and required to segregate client funds and are not permitted to trade or leverage their holdings. This is a hot topic since the collapse of major centralized platforms like FTX and Celsius have eroded consumer trust in cryptocurrencies. BTC Proxy is integrated with leading custodians such as Binance Custody, Fireblocks and Gemini Trust.
Users using BTCpx can now freely move it seamlessly from one network to another and redeem it for real BTC with the new Bridge function.
BTC Proxy’s minting and bridge functions moves us one step closer to our goal of launching Redux, our flagship Bitcoin Market Protocol for lending and borrowing of Bitcoin and other assets. Redux will allow for the decentralised collateralization and the borrowing of Bitcoin to replace the role of the traditional lending desks at centralized institutions.
BTC Proxy currently operates The Bitcoin Farm which is designed to be a sustainable protocol that pays out fees that have been earned from other tasks in their DeFi ecosystem including Minting, Bridging and Bonding.
With over 30 institutions onboarded to the protocol already, including major players like Blockchain.com, the possibilities for #RealYield keeps growing. Recent events have given pause to the idea that CeFi is in any way superior to DeFi. The transparency of DeFi allows protocol participants to see exactly where the #RealYield is being earned.
Today’s announcement expands the protocol onto another major network as it eyes its goal to be the leader in Bitcoin DeFi. BTC Proxy is positioned as the safest, fastest, and most efficient protocol to provide decentralized utility for Bitcoin. The developing protocol focuses on value accrual to the $PRXY token and coming protocol developments look to continue that trend via #RealYield.
Donnie Kim, BTC Proxy CEO said:
“At BTC PROXY, we are focused on making Bitcoin work for holders, work for DeFi, and work for the wider community. Bitcoin is great at storing value but unlocking and using that value is not easy. Today’s announcement is another major step for expanding reliable and assured methods to put BTC to work.
As a protocol, we have always been clear that our solutions should be trusted, safe, and efficient. Centralized services have well-documented risks. These have led to recent well-publicised failures that impact on everyone in the sector.
BTC Proxy believes that BTC holders should not have to ‘cross their fingers’ when investing their assets. Our insured custody model guarantees the safety of investments, making our new functions the perfect choice for individuals and institutions alike.
About BTC PROXY
BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin and now WBTC and BTCB on Ethereum, Polygon and now BNB Chain. Proxy gives Bitcoin holders a utility to transfer value into DeFi with reduced risk of theft or loss.
BTC Proxy is also a DeFi ecosystem that allows the Farming of Bitcoin, Compound Staking, Bonding, etc using its native PRXY and BTCpx tokens.
Coming soon our flagship Bitcoin Market Protocol called Redux.
Media Enquiries: hello@btcproxy.io
Web: https://btcproxy.io
Twitter: @BTC_proxy
Discord: https://discord.gg/JVHUbREbBU
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
Source From : News