Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network #togrp7

Interlay has launched a wrapped Bitcoin asset called interBitcoin (iBTC) on the Polkadot chain. The product intends to widen BTC use “for DeFi, cross-chain transfers, NFTs, and more.”. iBTC is already Acala and Moonbeam compatible. But developers have put up $1 million of funding to extend the project to other chains.

Underpinning this is a network of decentralized vaults, which the company has stated is open for anyone to run and operate their own vault. Users lock their Bitcoin collateral with a vault, which then mints and issues iBTC to the user. Interlay co-founder and CEO Dr. Alexei Zamyatin said iBTC brings Bitcoin’s trust and security to more technologically innovative chains. In effect, combining the best of both worlds while protecting Bitcoin’s trustless nature.#togrp7

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