Tokenized Bitcoin Launched on Tezos Blockchain

“The Bitcoin Association Switzerland (BSA) announced a group of crypto firms has collectively launched a tokenized version of Bitcoin, tzBTC, on the Tezos blockchain. tzBTC provides exciting new opportunities for the Tezos community, as it brings the resilient Bitcoin brand and asset to Tezos, which in turn provides Bitcoin access to Tezos’ institutional-grade smart contract security features, future composable DeFi applications, and active global community of developers.” Read More — Amer Justice, Community Director

Summary

The Bitcoin Association Switzerland (BAS) announced the launch of tzBTC, a token on the Tezos blockchain that is backed 1:1 by Bitcoin.

tzBTC provides exciting new opportunities for the Tezos community, as it brings the resilient Bitcoin brand and asset to Tezos, which in turn provides Bitcoin access to Tezos’ smart contract security features and future DeFi applications.

Significance

This brings the trust and liquidity of Bitcoin to the Tezos blockchain and lends the potential for rich functionality made possible by Tezos smart contracts. It opens the possible use cases for Tezos, making the platform a more desirable choice for developers.

Price at the time of Blockfolio Signal: $1.92. View XTZ on Blockfolio.