New Cross-Chain Network Plans to Bring Bitcoin’s Liquidity to the DeFi Space
London-based Provable Things announced Thursday it had successfully launched pTokens – 1:1 proxies for cryptocurrencies on other blockchains – onto the ethereum mainnet, and that they would be fully interoperable with bitcoin through the Bancor and Kyber integrations. Provable has already launched liquidity pools for pBTC on both Bancor Network and Kyber Network, which aim to facilitate seamless transactions between different blockchains and ecosystems.
Nate Hindman, Bancor's head of growth, said his network's integration would give bitcoin holders the flexibility to earn on ethereum-based DeFi apps and take their value back out into bitcoin. "If pBTC becomes a key on-ramp for bitcoin users to access DeFi services on Ethereum and other chains then staking BTC in the pBTC liquidity pool on Bancor could generate attractive fees and rewards for users staking their pBTC on Bancor," Hindman added.
