This article comes fromThe Block, original author: Yilun Cheng

Odaily Translator |

Odaily Translator |

Thesis, the team behind the privacy protocol layer project Keep Network, has completed a new round of financing of US$7.7 million. This round of financing was led by Paradigm Capital, with participation from Fenbushi Capital and Collaborative Funds. The team plans to launch its tBTC product on April 27th.

Thesis has been working with cross-chain financial service provider Summa to develop the tBTC protocol, which will also be the first major application on the Keep Network.

Specifically, tBTC is an ERC-20 token whose value is fully guaranteed by an equivalent amount of BTC and can be redeemed at any time. Users who want to use BTC on the Ethereum network only need to deposit BTC into a threshold signature contract. After the signature group sends the deposit certificate to the Ethereum blockchain, they can successfully mint a tBTC token, and the token will be minted at the same time. Sent to the user's Ethereum wallet.

Additionally, Bloombergto reportto report

Steven Becker, chairman of the Maker Foundation, also pointed out: "tBTC is brilliant because it finally connects the two most important concepts... The vast majority of people who talked to Thesis CEO Matt Luongo Everyone agrees that tBTC is a good idea, but there is also a small group of people who are unwilling to use other tokens or blockchains.”

Becker also said that MakerDAO users may decide in the coming weeks whether tBTC can be used as collateral on their system.

At present, there are quite a few tokens anchored to Bitcoin on the Ethereum network, including Wrapped Bitcoin (WBTC), ImToken’s imBTC, and Synthetix’s sBTC, etc. What sets tBTC apart from other tokens is purportedly its support for real-time redemptions, a feature that projects like WBTC currently lack.