The startup has developed a cross-chain interoperability system that enables non-custodial cryptocurrency settlement by allowing application developers to lock Bitcoin in escrow while it remains in the user's wallet. This technology eliminates the need for custodians, facilitating seamless and secure transactions for cryptocurrency traders and app developers.
Funding
Funding not disclosed
Founders
Product
Problem
Existing wrapped Bitcoin solutions often rely on centralized custodians and bridge technologies, introducing risks of theft, regulatory hurdles, and single points of failure. These methods limit the potential for secure and efficient Bitcoin utilization within the decentralized finance (DeFi) ecosystem.
Solution
iBTC Network provides a decentralized, self-custodial solution for bringing Bitcoin to DeFi, eliminating the need for traditional bridges and custodians. The protocol utilizes a 2-of-2 multisig vault system on the Bitcoin Layer 1, requiring co-signatures from vetted merchants and a decentralized Attestor Network, ensuring no single point of failure. iBTC employs FROST signatures to optimize transaction efficiency and Chainlink Proof of Reserve (PoR) to provide real-time, on-chain verification that every iBTC is 1:1 backed by BTC. This approach enables institutions to securely earn yields on Bitcoin through staking, lending, and other DeFi strategies across multiple chains, including Ethereum, Arbitrum, Optimism, Base, and XRPL.
Target Audience
The primary target audience includes institutional investors, DeFi platforms, and Bitcoin holders seeking secure and compliant methods to earn yields on their Bitcoin holdings within the DeFi ecosystem.
Features
- Self-wrapping of Bitcoin in a 2-of-2 multisig vault, eliminating custodial risk
- FROST signatures for efficient transaction processing and signer updates
- Chainlink Proof of Reserve (PoR) for real-time, on-chain verification of BTC backing
- Support for multiple chains, including Ethereum, Arbitrum, Optimism, Base, and XRPL
- Integration with leading trading desks and DeFi platforms for capital efficiency
- KYB-enabled access for institutions ensuring regulatory compliance
- Support for custodians such as Ledger, Fordefi, and DFNS