PRESS RELEASE. BTC Proxy, the Bitcoin Liquidity Protocol on Polygon, has entered into a strategic partnership with Blockchain.com, one of the world’s largest cryptographic platforms and a pioneer in Bitcoin’s key infrastructure. As part of the partnership, Blockchain.com will add BTC Liquidity to the Proxy ecosystem by Minting BTCpx. Moving Bitcoin to the Polygon network will expand the DeFi ecosystem and provide reward opportunities for users.
BTC Proxy believes it has solved a real problem with Bitcoin by creating an interoperability mechanism to access the stored value of long-term holders without sacrificing security through the use of qualified custodians. This tokenized volume can be used to provide liquidity and generate value for all networks involved.
BTCpx is the tokenized receipt of Bitcoin (BTC) that has been deposited with a qualified custodian. In this arrangement, BTCpx is used to navigate carefully crafted and sustainable rewards programs, keeping Bitcoin under multiple layers of security and allowing for even greater accountability and security than ever before.
“This relationship with Blockchain.com involves the participation of one of the original and most trusted names in cryptocurrencies. It is a significant milestone for the project and signals confidence within the institutional space to see BTC Proxy as an option for significant Bitcoin holders.”
— Donn Kim, CEO BTC Proxy
BTCpx minting is a decentralized process that takes place when BTC is deposited at a specified deposit address at a Custodian. The protocol mints the BTCpx token detection and confirmation of the deposit.
The importance of Blockchain.com participation goes beyond the amount of BTC being deposited; also inaugurates the participation of the Polygon Foundation, encouraging further movement of BTC with $Matic Tokens while simultaneously increasing the Total Locked Amount (TVL) on the network. The Polygon Foundation will also offer $Matic Tokens every time a user mints BTCpx on Polygon. This provides new users coming to the network and gas to carry out subsequent transactions. These incentives and more will be summarized in an upcoming marketing campaign called #BTConPolygon. Stay tuned for more details.
“More Bitcoin supply being held in cold storage means a culture of retention. So holding is a favored strategy in the Bitcoin market, with long-term holders and crypto whales leading the charge.” — Blockchain.news September 24, 2021
Depositing Bitcoin with one of BTC Proxy’s insured escrow partners ensures the most secure holding environments.
“Bitcoin is different from an altcoin where custody is not taken into account and where security is heavily favored over risk.” —Donn Kim
Three Mechanisms Increase Network TVL
Within the DeFi ecosystem, BTCpx can be staked on a program called iBTCpx (BTCpx interest) that yields $PRXY governance tokens for each block. $PRXY derives its value from the Total Blocked Amount (TVL) gained from Coining, Staking and Retaking ( The MCAP/TVL ratios of most DeFi protocols can be looked up at DefiLlama).
Resetting allows participants to accelerate their earnings when Çlaim and stake $PRXY rewards for the main Composition Staking Pool. Detailed calculations can be found below. Annual percentage yield (APY) values may fluctuate.
Provide BTC Liquidity to claim PRXY and MATIC rewards:
- Deposit BTC in custody to mint BTCpx (Polygon) https://btcpx.btcproxy.io
- Deposit BTCpx at iBTCpx program to win PRXY tokens https://app.btcproxy.io/#/programs
- claim and bet PRXY rewards in the compound betting program to win 170% APY https://app.btcproxy.io/#/stake
See the full presentation of Bitcoin Yield Strategy https://ggle.io/4XZw
Blockchain.com is connecting the world to the future of finance. The global company, with an international team spread across the world, is the most trusted and fastest growing cryptocurrency company, helping millions across the world access cryptocurrencies securely. Backed by venture since 2014, Blockchain.com has raised $537 million in equity most recently with a valuation of $5.2 billion. Visit Blockchain.com for more information, follow us on Twitter @blockchain, check out The Blockchain.com Podcast and read our blog for the latest company news.
About BTC Proxy
Released on July 30, 2021, BTC Proxy provides a more scalable Layer 2 protocol to decentralize Bitcoin tokenization using a permissionless interface. At its core, BTCpx is a Bitcoin bridge using insured multisig third-party custodians to facilitate Bitcoin (BTC) participation in DeFi. With BTC Proxy, individuals and institutions can safely earn sustainable income and rewards to outperform most products available for Bitcoin Marketplace. Visit BTCproxy.io for more information, follow us on Twitter @BTC_proxycheck out our articles on Medium for the latest news.
This is a press release. Readers should do their own due diligence before taking any action regarding the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with your use of or reliance on any content, goods or services mentioned in the press release.
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