Synthetix, a decentralized synthetic asset platform, has launched a synthetic Bitcoin on the Ethereum blockchain known as synthetic Bitcoin (sBTC). This news comes just a couple of months after Synthetix rebranded from Havven.
According to Synthetix, sBTC provides access to the value of Bitcoin without the friction of owning a Bitcoin wallet or holding it. The bitcoin notably enables it to be used within the Ethereum ecosystem, for such purposes as trading or any one of the many others available on the blockchain. While sharing more details about the coin, Synthetix Founder, Kain Warwick, stated:
“Ethereum still doesn’t have a programmable synthetic Bitcoin as an ERC20 token without major liquidity restrictions or custodial risk, so sBTC is providing real utility. It’s an example of the benefits of the flexibility of a distributed collateral pool of cryptoassets, which will allow us to continue to offer new trading possibilities not offered anywhere else.”
The launch of the sBTC comes just a couple of months after Synthetix rebranded from Havven. As previously reported, the platform changed its name and launched a new suite of crypto-backed synthetic asset tokens. According to Synthetix, these tokens are priced against the Euro, Japanese Yen, Korean Won, Australian Dollar, and gold. They also complement Synthetix’s first stablecoin (sUSD), which tracks the US Dollar and was launched earlier this past summer. Warwick revealed at the time:
“The rebrand from Havven represents a huge opportunity to clearly and memorably express the primary function of our system. And our ability to create a variety of synthetic assets against a single collateral pool is a major milestone for decentralized finance. We can now mint several different decentralized stablecoins, and the system has the potential to mint hundreds of different assets in the future.”