Bitcoin’s Ethereum Rivalry Could Be Assuaged With tBTC Bridge
- Bitcoiners can use tBTC to access Ethereum’s financial apps
- Connecting the two networks could broaden blockchain economy
For almost as long as there have been digital currencies, a rivalry has existed between Bitcoin and Ethereum. Now, a project called tBTC is seeking to forge a truce between the two by allowing Bitcoin owners access to the financial applications that run on Ethereum.
The idea is to let Bitcoin users turn their coins into tBTC, a token that can run on the Ethereum blockchain, allowing them to use tBTC as collateral to earn interest, trade using leverage or access enhanced financial privacy applications, all without having to sell their Bitcoin. Then the tBTC can be changed back to Bitcoin. The effort, expected to begin on April 27, raised $7.7 million in a second wave of financing from investors including Fenbushi Capital, according to a statement Thursday.