"BOB's BitVM Bridge Launches, Revolutionizing BTC DeFi"
1min read BlockBeats News, March 2nd, the hybrid Layer2 project BOB (Build on Bitcoin) announced the official launch of the BitVM Bridge on its public testnet, marking a significant milestone in the development of trust-minimized BTC DeFi. The BitVM Bridge enables secure BTC deposits and withdrawals on its hybrid Layer2 without relying on third-party custody or multi-signature bridges. The bitcoins bridged through BitVM are in a non-custodial state and trust-minimized.
BOB announced the formation of the BitVM Accelerator Execution Working Group in collaboration with mainstream institutions such as ZeroSync, Babylon, Anchorage, and Rockaway to promote the implementation and adoption of BitVM. Founding members of the BitVM Accelerator Execution Working Group include:
Institutional Partners: Amber, Anchorage, ankr, ChorusOne, Hex Trust, P2P, Rockaway, Unit410, UTXO, viabtc Capital, Wintermute;
Research Partners: Babylon, Bitcoin Layers, BOB, Common Prefix, Fiamma, House of ZK, RiscZero, Succinct, ZeroSync.
The BitVM Bridge and Accelerator are designed to enhance the interoperability and security of BTC DeFi, enabling users to interact with decentralized applications (dApps) and other blockchain networks without the need for intermediaries. This development is expected to drive further innovation and adoption in the BTC DeFi ecosystem.
The BitVM Bridge and Accelerator are part of BOB's broader vision to build a robust and trust-minimized BTC DeFi ecosystem. By leveraging the security of the Bitcoin network and the scalability of Layer2 solutions, BOB aims to create a decentralized financial system that is accessible, secure, and user-friendly.
The launch of the BitVM Bridge and the establishment of the BitVM Accelerator are significant steps towards achieving this vision. As the BTC DeFi ecosystem continues to grow and evolve, BOB and its partners are committed to driving innovation and adoption through collaboration and open-source development.
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