Within two weeks, the launch of the tBTC token (ERC-20) is expected, which will be provided by Bitcoins. The project is supported by MakerDao, Uniswap, Compound, and other DeFi services.
The new token is a joint project of Keep Network and Summa. Its task is to open a decentralized finance market for Bitcoin owners.
The scheme of work is proposed as follows: a special application generates a BTC address where bitcoins should be sent and then the smart contract will charge a similar amount of tBTC. It is stated that the reverse operation will be just as simple and it will be possible to collect bitcoins at any time, provided that a similar amount of tBTC is returned.
Source: en.bit.news
