BTC PROXY, the leading DeFi protocol designed for BTC holders, is excited to announce a strategic partnership with MPCVault, a leading secure multi-signature custody solutions provider. This collaboration marks a significant milestone in BTC PROXY’s ongoing vision to develop the most transparent and decentralized Bitcoin DeFi protocol.
BTC PROXY has already established itself as a pioneer in the DeFi space, offering insured custody of BTC through trusted partnerships with industry-leading custodians such as Binance Custody, Gemini Trust, Hex Trust, and Fireblocks.
As the industry shifts away from centralized organizations towards more transparent and decentralized solutions, BTC Proxy has joined forces with MPCVault to provide select institutions with an option for self-custody. The partnership enables these institutions to utilize multi-signature permissions, allowing for enhanced security to hold their Bitcoin in fully viewable wallets on the blockchain.
Through this collaboration, partners will have the opportunity to deposit their Bitcoin into MPCVault-integrated wallets within the BTC Proxy protocol, which, in turn, will mint BTCpx tokens for use within DeFi. This process ensures that partners can monitor their Bitcoin holdings within the user-friendly GUI as well as on the blockchain. The multi-signature process allows for secure withdrawal and removal of Bitcoin with a majority quorum, ensuring enhanced security.
Centralized platforms and insecure protocols have long been a challenge for DeFi, often leading to closures and hacks that result in losing users’ funds. By partnering with MPCVault, BTC PROXY aims to provide BTC holders with a seamless solution to transfer their Bitcoin onto DeFi, including the upcoming Redux protocol.
Redux is an on-chain Bitcoin borrowing and lending protocol designed to offer permissionless access to Bitcoin for institutions and users, further enriching the DeFi ecosystem.
Fintech News – The Latest News in Financial Technology.
