dlcBTC Announces First Institutional dlcBTC Mint by Amber Group

dlcBTC allows users to leverage the security of the Bitcoin blockchain while accessing decentralized finance applications.

It does so through a novel method of "self-wrapping," where Bitcoin is locked via Discreet Log Contracts (DLCs) into dlcBTC.

This approach provides enhanced security by ensuring only the original depositor can retrieve the funds.

Amber Group's Integral Contribution

dlcBTC partners with institutions, known as "dlcBTC Merchants", to mint dlcBTC tokens.

As a dlcBTC Merchant, Amber Group has successfully minted the first dlcBTC, enabling them to meet clients’ demand for dlcBTC OTC trades and distribution.

Together with dlcBTC, we aim to enhance and secure Bitcoin utilization across institutions and DeFi.

‍The Unique Benefits of dlcBTC

• Self-Wrapping and Segregated Custody: dlcBTC allows users to lock their Bitcoin in a multisig that only pays out to the original depositor. Each Bitcoin locked in a DLC remains distinct and cannot be commingled, ensuring individualized control and security.

• Theft-Proof Design: dlcBTC's pre-signed liquidation addresses make it theft-proof. Even in the event of a system breach, hackers can only transfer Bitcoin back to the original depositor, not steal it.

• Transparency and Efficiency: The process of locking Bitcoin into a DLC with cryptographic proofs is transparent and observable on the blockchain. Besides, the dlcBTC architecture is fully automated, resulting in rapid mint and burn times, typically completing the process in 3-6 block confirmations (under an hour).

• Cost Advantages: By eliminating the need for traditional custodial overheads, dlcBTC offers a more flexible and competitive fee structure, making it an economically attractive option for users.

‍Implications for Institutional Bitcoin Finance

The successful minting of the first institutional dlcBTC by Amber Group demonstrates the growing interest in secure and efficient DeFi solutions among institutional investors.

dlcBTC offers a compelling alternative to existing wrapped Bitcoin options, providing unparalleled benefits in terms of security, decentralization, and user experience.

‍About Amber Group

Amber Group is a global digital asset leader headquartered in Singapore.

Since 2017, we've built full-stack solutions that bridge traditional finance and digital assets, offering end-to-end services including wealth management, asset management, market making, advisory, investing and infrastructure.

Backed by top investors and with deep expertise in crypto and traditional markets, they leverage AI, blockchain and quantitative research to deliver personalized and cutting-edge solutions to help their global client base of HNW individuals, institutions, crypto funds, exchanges and projects optimize returns safely in any market conditions.

About dlcBTC

As a decentralized wrapped Bitcoin, dlcBTC leverages Discreet Log Contracts (DLCs) and Chainlink's Cross-Chain Interoperability Protocol (CCIP) to provide a theft-proof bridge to cross-chain DeFi, backed by the security of the Bitcoin network. dlcBTC unlocks yield for your Bitcoin in DeFi with the benefit of lower fees and merchant self-custody, empowering users to put their Bitcoin to work.

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