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Swiss Bitcoin Fintech Association Announces Tokenized Bitcoin on Tezos Blockchain

written by

Muskan Bagrecha

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BITCOIN NEWS,
April 9, 2020

Switzerland’s oldest Bitcoin Association is issuing tokenized Bitcoin backed by Tezos blockchain

The Bitcoin Association of Switzerland (BAS), Switzerland’s oldest financial technology association has announced the issue of a tokenized bitcoin (tzBTC) backed on the Tezos Blockchain. A single tokenized Bitcoin represents one BTC on the Bitcoin blockchain.

Lucas Betschart, the President of Bitcoin Association of Switzerland said,

“The tzBTC brings the brand and liquidity of Bitcoin to the Tezos blockchain and gains the potential for rich functionality made possible by Tezos smart contracts”

A report by BAS emphasizes upon the link between tezos blockchain features and Bitcoin. Nic Carter, partner of Castle Island Ventures, in an assessment of association between the Tezos community and Bitcoin said that the Tezos values are similar to Bitcoin ones. The foundation said that all of this make Tezos the first choice for a Btcoin backed token from BAS.

The foundation added that this idea is protected by Swiss law and cryptography. In addition, there is no central issuer as a single point of failure due to the multi-signature key management system, which ensures transparency.

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Muskan Bagrecha

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