A new project that is looking to build a decentralized bridge between Ethereum and Bitcoin, has just received funding in the form of a multimillion-dollar boost. According to Keep Network, a funding round of more than $7.7 million has been closed, led by Paradigm Capital and Fred Ehrsam, a prominent member of the cryptocurrency community. So, is the Ethereum-Bitcoin bridge project real? Let’s take a look.
It’s official: We have closed a $7.7M token sale. Big thank you to @CoinDesk for covering the news, and to our partners like @FEhrsam, @_charlienoyes, and @boshen1011 for the strong continued collaboration.https://t.co/i43oxqAJ5o
— Keep #tBTC (@keep_project) April 2, 2020
Bridge project receives $7.7 million in funding
Keep Network has been working on a project to bring Bitcoin onto the Ethereum network. In essence, Bitcoin will be turned into a token known as ‘tBTC’ which can then be used for transactions over the Ethereum blockchain. Users will store their BTC in a crypto wallet, and when they want to perform a transaction it will be converted to tBTC. Bitcoin users can also access Ethereum dApps this way.
Even more exciting, is that these tBTCs can be used as collateral for loans. So, BTC users can use the loans for trading. Once they’ve completed whichever activity they want, the tokens can then be converted back into BTC using the same protocol. tBTC is somewhat of a Bitcoin-Ethereum bridge already.
A Bitcoin-Ethereum bridge looks closer than ever
According to Matt Luongo from Keep Network, tBTC is the “ideal combination” of Bitcoin and Ethereum. He said, “The goal is to give Bitcoin the superpowers that smart contracts have on Ethereum, and, also, to bring Bitcoin as collateral to decentralized finance.” tBTC combines the best features from both, and the power of both networks is more than apparent. Users have the option to go between two of the most well-known and influential crypto assets, for the first time.
So, is the Ethereum-Bitcoin bridge project real? It certainly seems so. The goal of the bridge is to bring together the smart contract feature of Ethereum and the collateral potential of Bitcoin. The power of the two, hitting the world of DeFi, is massive. Still, the launch date of the tBTC token hasn’t been released yet.
The bridge between Ethereum and Bitcoin has begun
So, is the Ethereum-Bitcoin bridge project real? According to Keep Network, they already have something on the way. With $7.7 million in funding already secured, we’ll likely see tBTC soon. However, with no official release date, it’s clear that Keep Network still has much development work to do.