Bitfinex, a leading crypto exchange, has announced support for a new cross-chain DeFi solution, pBTC, in an attempt to increase the adoption of decentralized financing. pBTC is a newly launched token that aims to unlock cross-chain DeFi liquidity by connecting bitcoin to any blockchain. The token is pegged to Bitcoin in the ratio 1:1, and is compatible with the EOS and Ethereum DeFi ecosystems.

Speaking about the listing with Cointelegraph news outlet, Paolo Ardoino, Bitfinex CTO, revealed that the exchange plans to add support for pBTC deposits and withdrawals by the end of May. According to him, the pBTC will become the first interoperability-focused token supported on the platform.

Ardoino added that, although pTokens are currently the only tokens supported on the DeFi platform, more projects are still welcomed. He said allowing more tokens on the platform will make it easier for their users to obtain access to cross-chain liquidity.

Though Bitfinex is now adding support for pTokens projects, its CTO, Ardoino had previously endorsed them in late December, 2019. He predicted that cross-chain transfers would be the major issue facing the crypto sector in 2020.

Thomas Bertani, the founder of Provable Things, the parent company behind the pTokens project also commented about the listing. According to him, pTokens’ integration with Bitfinex streamlines the flow of liquidity between decentralized and centralized exchanges. Adding that, the listing facilitates a simple token switch and creates a new gateway for BTC liquidity to stream into the DeFi ecosystem.

Bertani also stated that, DeFi applications have to be interconnected to ensure significant growth of the entire DeFi industry. He said, the company is working around the clock on other pTokens, such as pETH, pEOS, pLTC and pDAI.

The listing announcement comes after pTokens had launched an interoperability solution that will make BTC compatible with the EOS DeFi ecosystem. The tokens were also brought unto the Ethereum network earlier in March, 2020. These 2 developments now allow BTC users to use pBTC in both the Ethereum and US ecosystem.