Boringdao Raises $1.4M: Project’s Tokenized BTC Bridge Backed by 200% Collateral

The project called Boringdao, a decentralized bridge between Ethereum and alternative blockchains, plans to launch the company’s bBTC tunnel this month in order to introduce another tokenized bitcoin. Essentially, Boringdao wants to tokenize all the world’s assets, and this month the project aims to deploy its bBTC tunnel.

The token bBTC will be a tokenized bitcoin (BTC) asset similar to renBTC, WBTC, and other projects connected to Ethereum. “Boringdao will launch in October and initiate the bBTC tunnel supporting BTC to be minted into bBTC under a double pledge model that will provide the highest level of asset security compared to other wrapped BTC solutions in the market,” the company’s announcement detailed on Thursday.

Timeline of Ethereum, Renbtc, Bitcoin, Wrapped-bitcoin