Launchpool Announces AME for BTC Proxy, an Institutional-grade Wrapped Bitcoin Solution on the Matic Network
Tags: Wrapped Bitcoin, Matic Network, Ethereum Blockchain, Bitcoin, Defi

Launchpool Announces AME for BTC Proxy, an Institutional-grade Wrapped Bitcoin Solution on the Matic Network

Imagine Wrapped Bitcoin with Matic’s low gas fees, a user interface and a decentralized governance token. Launchpool Apr 27·4 min read

WBTC did a great job of bringing Grandaddy Bitcoin to DeFi. The WBTC DAO has helped to wrap over $8 billion of Bitcoin since it was started a few years ago. Now BTC Proxy is set to transform this industry sector with institutional custody, a permissionless interface and Polygon (Matic) layer-2 gas efficiency.

BTC Proxy is a multi-institutional protocol for the tokenization of custodied Bitcoin as ERC20, and later BEP20. With the PRXY token, the governance of this protocol is set to be decentralized. According to BTConEthereum.com, currently only about 1%, or 202,000, of the total Bitcoin supply of 18.7 million coins is on Ethereum. This number is expected to dramatically increase over the next few years. However, financial institutions will need a #NextGenBitcoinBridge in order to utilize DeFi to seek yield on their bitcoin holdings.

Enter BTC Proxy. While its PRXY token governs the protocol, the actual Institutional-grade wrapped bitcoin is represented by the BTCpx token. With fast confirmation times and a much more decentralized wrapping procedure than WBTC, BTC Proxy is set to attract significant institutional attention.

Lucky for us Poolers, BTC Proxy has chosen to build its community with Launchpool.

Why Launchpool Chose BTC Proxy

Launchpool recognises how BTC Proxy solves many of the issues that currently plague the existing tokenized Bitcoin options in the DeFi markets. But being the best product doesn’t guarantee success. When you look at the team behind BTC Proxy you can see the caliber to pull in institutional interest. The team is led by two big hitters, Donnie Kim and Jason Toussaint, who lead one of three companies, Kryptoin, that are still in the running for launching the first Bitcoin ETF. Jason Toussaint was also CEO of SPDR Gold Trust (GLD) when they launched the first gold ETF. Polygon Network is also invested into BTC Proxy, and in fact so is the founder of the MATIC Network project, Sandeep Nailwal, which we believe adds even more credibility to the project.

Why BTC Proxy Chose Launchpool

BTC Proxy believes in the Launchpool vision of providing greater access to life-changing opportunities that one sometimes finds in private sale allocations. Remarkably, the first two Launchpool projects, Unizen and Mixsome, have begun their token life with over 2,000 wallet holders. For a project that seeks to quickly decentralize its governance structure, this kind of early support is an attractive proposition.

“The purpose of limiting how much a wallet is allowed to stake is to gain greater distribution of wallet holders. This limit will result in more participants, more even spreading of potential gains and less chance for the tokens to end up in the hands of just a few whales. We believe this will not only help to support token price but also contribute to a healthy governance structure.” Donnie K, BTC Proxy Founder.

With Launchpool and Alphabit, the project stands to gain the following benefits:

Promotion by association with some of the industry’s most recognizable names

Leverage contacts and industry know-how of some of the most successful funds in the sector

A ready-made community keen to engage

A diverse customer base

Unique staking opportunities

How can you help build the ultimate Proxy Bitcoin Bridge?

As always, Poolers will get early access to the PRXY token at private sale prices via Launchpool’s unique Allocation Mining Event (AME) structure. All you need to do is hold LPOOL tokens and you can have your slice before the institutions fly in. PRXY token holders will be able to, for the first time, take control over tokenized Bitcoin through decentralized governance.

About BTC Proxy

BTC Proxy is an institutional-grade layer-2 protocol for bringing Bitcoin to DeFi with no centralized exchange risk and no price slippage. BTCpx is an ERC20, and later a BEP20, wrapped bitcoin token that offers insured custody and ensures a 1:1 Bitcoin backing ratio that cannot be affected by volume or liquidity. PRXY is the ERC20 governance token that governs the protocol.

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About Launchpool

Launchpool ($LPOOL) leverages communities, knowledge, expertise, contacts and capital to provide crypto projects with the best possible start to life, maximising their chances for success in this fast moving & dynamic space.

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