Bitcoin Suisse is pleased to be able to support the launch of the tzBTC, a Bitcoin-based payment token created on the Tezos blockchain. An initiative of the Bitcoin Association Switzerland with the support of the Tezos Foundation, tzBTC is the first smart contract application for decentralized finance on the Tezos mainnet.

The tzBTC token, based on the recently developed FA1.2 token standard, is backed one-to-one by Bitcoin and can interact natively with decentralized applications on the Tezos blockchain, opening up a wide variety of possibilities for decentralized finance.

The tzBTC project is a first-of-its-kind initiative which brings together a wider range of stakeholders to create a truly decentralized ecosystem around a token issuance. Besides the Bitcoin Association Switzerland, the project has so-called gatekeepers – regulated entities which accept Bitcoin when new tzBTC tokens are issued and perform KYC/AML functions on new tzBTC holders. Bitcoin Suisse will serve as a gatekeeper.

Bitcoin Suisse’s daughter company, Swiss Crypto Tokens AG, is also involved and will serve as a keyholder in the distributed, multi-sig ecosystem supporting the tzBTC. As one of multiple keyholders, Swiss Crypto Tokens will help mint tzBTC tokens and control the storage of the Bitcoin which is committed when new tokens are issued.

For more information about tzBTC, including a full list of gatekeepers and keyholders, visit the tzBTC website here.

To get tzBTC through Bitcoin Suisse, please contact us here.