The Bitcoin Association Switzerland has announced this news on Wednesday 8th April in a blog post on a site named “Swissinfo.ch”. According to the announcement, this newly launched token “tzBTC” is basically a 1:1 bitcoin-backed token and it is the first tokenized version of bitcoin launched on the Tezos blockchain. tzBTC will deliver the power of Bitcoin as a token on the Tezos blockchain.
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This bitcoin-backed token will be issued by the Bitcoin Association Switzerland, Tezos Foundation and several other partners according to the announcement.
tzBTC will bring Liquidity and Brand
By adding tzBTC onto the Tezos blockchain, it will bring liquidity and battle-tested brand of Bitcoin (BTC) into the Tezos ecosystem and will enable BTC-backed use-cases on Tezos. With tzBTC, holders will also be able to interact with Tezos smart contracts.
According to the President of Bitcoin Association Switzerland Lucas Betschart, “The tzBTC brings the brand and liquidity of Bitcoin to the Tezos blockchain and gains the potential for rich functionality made possible by Tezos smart contracts.”
Adding more to it, Lucas Betschart said, “Our goal with tzTBC is to make bitcoin even more accessible and flexible, strengthening its position as the leading currency.”
Keyholders and Gatekeepers
Keyholders and Gatekeepers are two parties included in the tzBTC system. The firms included in the Keyholder party are token issuer Swiss Crypto Tokens, Blockchain services firm Inacta, custody infrastructure firm Taurus, and crypto legal services firm LEXR while Gatekeepers include Bitcoin Suisse, Sygnum, Woorton, and Bity and Taurus.
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According to the Association, tzBTC has the capability of interacting with the functionality of the Tezos blockchain and that is the only difference between the leading digital asset bitcoin and tzBTC.
The CEO of Swiss Crypto Tokens Armin Schmid highlights the importance of tzBTC and says that it feels great to be a part of a decentralized community. Schmid stated:
“Taking the largest cryptocurrency and connecting it to the Tezos blockchain is like bringing the railroad to the gold mine – it allows for transportability and opens up possibilities for use.”