LEXR Finance Partners With Acurast as Keyholders of tzBTC
[Zug, Switzerland, June 27, 2024] — This partnership allows LEXR Finance, as a keyholder and Gatekeeper of tzBTC to allow Acurast Processors use a Bitcoin multi-signature wallet for completely trustless management of the wrapped Bitcoin supply by minting and burning tzBTC.
tzBTC allows users to activate their Bitcoins on other Blockchains: decentralised, transparent and compliant. Its automation makes tzBTC the most cost-effective product available with regulated operators to ensure security, trust and transparency. Not one entity owns tzBTC!
In the past, acquiring tzBTC was more involved. Bitcoin custody was entrusted to a group of trusted institutions called Keyholders, who managed tzBTC’s supply and maintained its 1:1 peg. Gatekeepers, authorized by Keyholders, ensured compliance by conducting KYC and AML checks for minting or burning tzBTC, creating a transparent and compliant wrapped bitcoin on Tezos.
The need for tzBTC 2.0 arose due to limitations in accessibility and cost-effectiveness. The new and improved version of tzBTC has addressed these shortcomings, making the process more accessible and user-friendly.
Acurast’s Role in tzBTC
The tzBTC bridge is built on Acurast’s confidential compute to facilitate bridging from native Bitcoin (BTC) to tzBTC; a user sends BTC to a Bitcoin Redeem-Script governed by the Keyholders and their Acurast Processors. These Acurast Processors, the compute providers on Acurast, observe and verify this transaction on the Bitcoin network. Once confirmed, the Acurast Processors act as signers authorized to sign a minting transaction on the tzBTC contract on Tezos.
Acurast’s execution environment automates tzBTC’s security-sensitive processes. It utilizes secure elements within mobile devices to prevent interference or manipulation of the automation logic, even by the operator (the Keyholder) with physical device access.
Gatekeepers accept BTC after conducting KYC & AML checks (identity verification) and allocate tzBTC in return. Once confirmed, Acurast Processors act as signers, who can sign a minting transaction on the tzBTC contract on Tezos. The same applies for moving from tzBTC to BTC. The result of these improvements will be the most cost-effective and secure wrapped BTC available.
“Acurast’s flexibility and security have enabled tzBTC 2.0. Not only are the native Bitcoin flows now fully automated, but our KYC and AML requirements are also completely met, allowing for institutional-grade Bitcoin DeFi.” says Max Krähenbühl from LEXR Finance
Alessandro De Carli, Co-Founder of Acurast says: “It’s amazing to see how Acurast’s technology can be leveraged in novel applications like tzBTC, and with the right partners like LEXR, creating a seamless value chain and pushing the boundaries of Bitcoin DeFi.”
About LEXR Finance
LEXR Finance specializes in providing niche financial services, combining a high degree of regulatory and technological expertise. It is a Swiss financial intermediary regulated by the SRO VQF and part of the LEXR network with offices in Switzerland and Germany.
For more information, visit LEXR, and follow on X and Linkedln for updates.
About Acurast
Acurast is the serverless, decentralized cloud where anyone can become part of the cloud with their mobile phone, whether new, used, or even with a smashed screen, by providing compute power and earning rewards. It gives developers complete permissionless access to compute that are trustless, affordable, and confidential for deploying their applications.
For more information, visit Acurast, follow Acurast on X for updates, and join the community on Discord or Telegram.
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