The competition is heating up when it comes to tokenizing Bitcoin on the Ethereum blockchain. The launch of tBTC is very interesting to behold, especially for those seeking active exposure to decentralized finance.
Most people are aware of wBTC, or Wrapped Bitcoin.
tBTC has Launched on the Ethereum Blockchain
It is a tokenized version of BTC backed by actual Bitcoin balances.
tBTC works in a similar manner, but it is completely decentralized and trustless.
It is expected that the launch of tBTC will elevate Ethereum’s DeFi segment to a whole new level.
Now that Bitcoin holders can access the same projects and services, things are bound to get very interesting.
Every service in the Ethereum space can introduce tBTC support with little effort, but it remains to be seen how useful this option will become.
After all, Bitcoin has its own DeFi ecosystem in place, even though very few people seem to be aware of it.
As an option to diversify investments, this tBTC option could be well worth exploring.
There are also options to gain more privacy through this solution, as Bitcoin lacks that by definition.
All in all, the cryptocurrency industry keeps evolving in the right direction, especially when it comes to decentralized options.
Image(s): Shutterstock.com
