A consortium of Swiss based crypto firms have come together to launch “tzBTC”, a bitcoin-backed token on Tezos blockchain in a bid to kick-start decentralized finance (DeFi) on its programme.

Today, we are announcing #tzBTC, a tokenized Bitcoin for the Tezos blockchain. #Tezos #Bitcoin

Check out our blog post to learn more!https://t.co/5SsoJO6rJJ pic.twitter.com/NSxyTG4MrL

— Bitcoin Association Switzerland (@bitcoin_ch) April 8, 2020

This recent move to incorporate bitcoin onto Tezos blockchain is a step closer in rivaling Ethereum blockchain which introduced bitcoin applications more than a year ago. DeFi evidently grew rapidly on Ethereum in 2019. Tezos blockchain was launched back in 2018 with an aim of playing host to a new generation of decentralized finance (DeFi), social and business projects.

The Tezos Foundation has teamed up with Bitcoin Association Switzerland along with a number of Swiss digital asset service providers among them including Sygnum, Inacta, Swiss crypto token and Bitcoin Suisse to create the TZBTC digital token. The token gives its holders the ability to interact with Tezos smart contracts while attaching on the value of the Bitcoin. Tezos foundation operational head Roman Schnider told swissinfo.ch that the collaboration openly demonstrated that Switzerland is a leader in financial innovation.

Lucas Betschart the president of Bitcoin Association Switzerland said in a press statement that the new token brings the brand and the liquidity of the blockchain. Furthermore, it gains the potential for rich functionality made possible by Tezos smart contracts. The head of operations at the Tezos Foundation Roman Schnider said that atomic swaps are for building out DeFi exchanges and perhaps a wrapped Ethereum (ETH) token. He more so insisted that this partnership was the first in kind but was a roadmap to a better future on the same front.

The main consideration under the recent integration was that intermediaries such as banks and lawyers were not paramount during exchange of items of value. This promises to ease full operations while promoting accessibility and flexibility. This new system all but ensures that privacy will be preserved, as well as bring efficiency and transparency to established digital systems.

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