The KEEP token backs tBTC, a trustless and open-source covenant facilitating the development of Ethereum tokens that symbolizes Bitcoin (BTC) and utilized for accessing DeFi covenants.
The covenant also paves way for automatic storage of users’ private info while interacting with public chains, boosting the privacy relished by DeFi customers. Anchorage co-founder and president, Diogo Monica, stressed the necessity for custodians to stay flexible to rising trends within cryptocurrencies, pointing that “DeFi’s increasing complexity is beginning to expose the inadequacies of cold storage custody and manual human operation.”
He further stated that “The Anchorage platform was created to adapt to any blockchain use case without exposing client assets to this kind of additional risk.”
Earlier in April, Anchorage announced its support for Compound Governance Token (COMP), following the latter’s launch. Keep’s chief executive, Matt Luongo, boasted about its collaboration with the custodian, stating:
“With such first-class partners as Anchorage, we are able to create the bridge that brings the vast store of Bitcoin wealth into the DeFi ecosystem.”
In April, Keep was funded to the tune of $7.70 million through token sales to initiate the rollout of its trustless rBTC covenant in the same month.
The launch has happened at a time when several blockchain ventures are aiming to arise as frontrunners in collateralized BTC token development to back DeFI, with PieDAO rolling out its BTC++ pool and Ren’s VM becoming active in the last month.
Nevertheless, the rise of these assets has come at a cost, with hackers targeting DForce and Uniswap due to the token standard, having innate vulnerability, adopted by Tokenlon’s imBTC.