Celo, an open blockchain platform, has announced that they will join forces with tBTC, a Bitcoin-pegged token, to create a bridge between Bitcoin and the Celo platform. Currently, tBTC allows Bitcoin holders to participate in decentralised finance (DeFi) on the Ethereum blockchain. In the near future these holders will also be able to participate on the Celo platform.
The Celo blockchain platform focuses on mobile DeFi tools, while creating financially inclusive world. By adding Bitcoin to the DeFi apps, Celo is able to tap into the liquidity of Bitcoin and use it as collateral in the Celo stablecoin reserve, enhancing the longevity of the cryptocurrency economy.
The decision to offer tBTC on the Celo platform demonstrates the high priority of a mobile-first DeFi system and by targeting the everyday user, Celo and the growing DeFi community will help to make this new financial infrastructure ubiquitous. This bridge will offer a permsionless, non-custodial means for Bitcoin to be accessed by the 6 billion smartphone users worldwide.
