Gemini, the global cryptocurrency exchange and custodian, has added custody support for tBTC. An open-source project by Keep, Summa, and the Cross-Chain Group, tBTC lets Bitcoin holders safely act on the Ethereum blockchain so they can earn using DeFi.
tBTC allows people to exchange BTC for TBTC, an ERC-20 token, at a rate of 1:1. Each TBTC token is fully backed and matched by at least 1 BTC held in reserve. tBTC is trustless, using a random beacon to select “signers” who have responsibility for the deposited BTC. TBTC can be converted to BTC, and vice-versa with no intermediary needed to sign off.
Join the #tbtc Discord channel to learn more about tBTC.