Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx
The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...
Unveiling tzBTC 2.0: A New Era for Wrapped Bitcoin on Tezos
tzBTC 2.0 will be unveiled for the Tezos blockchain by the end of April 2024. Building upon the success of its predecessor, tzBTC 2.0 offers enhanced accessibility and cost-effectiveness ushering in a new era for the intersection of Bitcoin and Tezos.
By: XTZ News
27 February 2024
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
tzBTC 2.0 offers enhanced accessibility and cost-effectiveness for users and decentralized applications on the Tezos blockchain.
Improvements in Gatekeeper optimization, Keyholder automation, and ongoing commitment to transparency and compliance.
tzBTC 2.0 will be unveiled for the Tezos blockchain by the end of April 2024. Building upon the success of its predecessor, tzBTC 2.0 offers enhanced accessibility and cost-effectiveness ushering in a new era for the intersection of Bitcoin and Tezos.
Launched in April 2020, tzBTC brought Bitcoin (BTC) to Tezos with a vision to be transparent, stable, and compliant. As one of the Tezos ecosystem’s foundational components, the original tzBTC paved the way for innovation and growth within the Tezos community.
A “wrapped” token refers to the tokenization of physical or digital assets on a blockchain, such as fiat currencies, commodities, or cryptocurrencies like Bitcoin or Ether. In the case of tzBTC, it represents Bitcoin and is maintained on the Tezos blockchain through a smart contract, ensuring parity with the underlying asset via Keyholders and an independent auditor. This enables seamless BTC transactions and financial use-cases on Tezos.
Since its inception, tzBTC enabled users and decentralized applications to transact directly in BTC, combining Tezos’ blockchain performance with Bitcoin’s liquidity and stability. More than 1,000 BTC have been wrapped, with a current market capitalization of over $60.9 million.
However, limitations in accessibility and cost-effectiveness prompted the need for evolution. This enhanced iteration builds upon the original vision, offering significant improvements in both areas.
The original tzBTC entrusted bitcoin custody to a group of trusted institutions, known as Keyholders, responsible for managing tzBTC’s supply and maintaining its 1:1 peg. Gatekeepers, authorized by Keyholders, ensure compliance by conducting KYC and AML checks for minting or burning tzBTC, achieving a transparent and compliant wrapped bitcoin on Tezos. Now, tzBTC comes with these upgrades:
Gatekeeper Optimization: Simplified minting and burning processes through an automated self-service, reducing transaction times and associated costs.
Keyholder Automation and Fee Elimination: Leveraging Acurast execution environment for the automation of minting and burning, reducing manual intervention and associated expenses. This automation enables Keyholders to offer their services for a flat yearly fee, which will be subsidized by the Tezos Foundation.
Maintaining Transparency and Compliance: Retaining the original vision of transparency and compliance while streamlining processes for improved user experience.
In March 2024, crucial advancements are underway for tzBTC 2.0, including Gatekeeper and KYC automation in collaboration with LEXR Finance, ongoing Keyholder automation, and contracting processes for Keyholders and Gatekeepers. Looking ahead to Q2 2024, the team plans to launch Multichain tzBTC, aiming to extend the reach and functionality of the token across multiple blockchains.
With the introduction of tzBTC 2.0, Tezos continues to push the boundaries of innovation in the blockchain space and reaffirms Tezos’ commitment to empowering users and fostering growth within the ecosystem.
tzBTC 2.0 will be unveiled for the Tezos blockchain by the end of April 2024. Building upon the success of its predecessor, tzBTC 2.0 offers enhanced accessibility and cost-effectiveness ushering in a new era for the intersection of Bitcoin and Tezos.
TezFin has officially moved from its beta stage to launch its full production version, initiating a new era in the Tezos blockchain’s decentralized finance (DeFi) lending sector. The announcement was made through TezFin’s official Twitter handle, @TezosFinance.
Fireblocks has announced the launch of its comprehensive support for Tezos. This development allows Fireblocks customers to securely manage FA1.2 and FA2 token standards on Tezos and utilize Fireblocks’ Web3 Engine to develop new products and services on the Tezos blockchain.
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
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The Tezos Foundation and Magic, the Wallet-as-a-Service provider, have announced a groundbreaking collaboration aimed at revolutionizing the accessibility and usability of Web3 technologies. This strategic partnership will utilize the pioneering decentralized Tezos blockchain and marks a significant milestone in the journey towards a more inclusive and user-friendly decentralized web experience.
The Tezos Foundation recently announced a notable addition to its Foundation Council, welcoming former French Minister Fleur Pellerin to its ranks. Pellerin, a prominent figure known for her extensive experience in government and the tech venture capital industry, has held several senior governmental roles, including Minister for Culture and Communication. Since 2016, she has led Korelya Capital, a venture capital fund investing in late-stage web3 infrastructure technology companies, such as Ledger, Bitfury, and Ramp.
In a significant stride toward enhancing the Tezos ecosystem, the Tezos Foundation has extended its support to Blockscout, a reputable open-source block explorer. This backing aims to fortify Etherlink, a prominent EVM-compatible Layer-2 blockchain built on Tezos, by providing a dedicated mainnet and testnet block explorer. Concurrently, RedStone Oracles has integrated into the Etherlink ecosystem, heralding a new era of DeFi expansion.
