Zug, Switzerland, June 11, 2024 — Mt Pelerin, as a keyholder of tzBTC, is providing Acurast Processors that 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 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 technology from Acurast, to bridge from BTC to tzBTC, a user sends BTC to a Bitcoin RedeemScript governed by the keyholders and their Acurast processors. These Acurast processors observe and verify this transaction on multiple Bitcoin nodes. 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.
This automation enables gatekeepers to instantly access minted and burned tzBTC. It also tzBTC to Gatekeepers. This automation makes things easier for Keyholders, allowing them to provide their services for a fixed yearly fee in the future. The result of these improvements will be the most cost-effective and secure wrapped BTC available.
“Being big Bitcoin advocates, we’re thrilled to be able to make it accessible on more chains and ecosystems in a trustless way.”, Arnaud Salomon, Mt Pelerin CEO
Alessandro De Carli, Co-Founder Acurast says: “We highly value having Mt Pelerin, a Swiss-based company that has been active in the space for a long time, as a partner providing confidential compute on Acurast for tzBTC. player of the early Bitcoin and Ethereum and potentially beyond that.”
About Mt Pelerin
Since 2018, Mt Pelerin has been an active regulated fintech company in financial services, bridging finance with blockchain. The company offers cryptocurrency brokerage services to retail and business clients worldwide, develops the mobile app Bridge Wallet, and provides asset tokenization services on its Bridge Protocol platform.
For more information, visit mtpelerin.com, follow Mt Pelerin on X for updates, and join the announcement channel on Discord.
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 is 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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