Dfinity Launches Liquid Bitcoin ‘Twin’ Token

ZURICH, CH – On Monday, Dfinity Foundation announced the launch of its bitcoin-backed ckBTC ‘twin’ token known as Liquid Bitcoin. The new token brings layer 2 capabilities to bitcoin, enabling faster, cheaper transactions without compromising security. The Swiss company tweeted that ckBTC gives bitcoin “real utility.”

📢#ckBTC is now fully released 👏

Proposals 115468, 115470 & 115473 have been adopted with flying colors. Many thanks to all #ICPeople who voted manually to make this happen 🙏

If you have #BTC in your wallets, you can now give it real utility on #ICPhttps://t.co/IO6ZvIQbQt

— DFINITY (@dfinity) April 3, 2023

Dfinity is a major contributor to the Internet Computer (ICP), and the successful launch of ckBTC is a significant milestone in Bitcoin's evolution. Unlike wrapped tokens controlled by a centralized entity, ckBTC does not require intermediaries or cross-chain bridges. Users can deposit and withdraw a 1:1 value of bitcoin for ckBTC.

ckBTC comes at a good time for bitcoin. In February, bitcoin hit a two-year high on the heels of the Ordinals protocol launch. With the ongoing banking crisis pushing many investors toward the top cryptocurrency, ckBTC is set to attract more interest and innovation in the DeFi space.