The Bitcoin Association of Switzerland (BAS), country’s oldest Fintech Association that was launched in 2013, has announced the launch of tokenized Bitcoin on the Tezos blockchain.
The idea became necessary considering that the world craves for new ways to use Bitcoin. According to BAS, tokenized Bitcoin (tzBTC) is a token on the Tezos blockchain-backed 1-1 by Bitcoin.
Not forgetting that Bitcoin is the king of all cryptocurrencies, tzBTC is among the maiden examples of tokenization on Tezos.
“It enables the use of the Tezos blockchain features with Bitcoin,” a report by BAS has said.
The organization says the Tezos community’s values are slightly related to most Bitcoiner’s values. The foundation, quoting an assessment by a reputable Bitcoin community member, said Tezos (XTZ) values are no doubt similar to that of Bitcoin.
The group, consisting of large members, said the Tezos Foundation has as one of the largest holders of Bitcoin, affirming that it shares a strong belief with the Bitcoin community.
“All this makes Tezos a natural choice as the first public blockchain for a Bitcoin-backed token from BAS,” the foundation added.
The idea is protected by Swiss law and cryptography. As reflected in the statement of the Bitcoin Association, the multi-signature key management system of tzBTC ensures a rigidly trust-reduced mechanism that has no central issuer as a single point of failure, which translates to transparency.
tzBTC is an idea that gives cryptocurrency lovers more reasons and opportunities to make use of Bitcoin. It brings Bitcoin’s liquidity and stability to the Tezos network