By William Foxley
Announced Wednesday, the Bitcoin Association Switzerland, Tezos Foundation and multiple partners will issue the first tokenized version of bitcoin on the Tezos blockchain, tzBTC. The asset will also be the first vehicle for Tezos-based decentralized finance (DeFi), according to a press release from the association.
Each tzBTC represents one bitcoin on the Bitcoin blockchain and is minted under the new FA1.2 Tezos token standard.
“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,” Bitcoin Association Switzerland President Lucas Betschart said in a statement.