Threshold uses Wormhole to take $30M+ in Bitcoin cross-chain in a decentralized way
Many people bridge Bitcoin to Ethereum, but doing so requires sending their Bitcoin to an intermediary in exchange for an ERC-20 token that represents the original asset. This centralized model requires you to trust a third party and is susceptible to censorship, threatening the premise of Bitcoin as a sovereign, secure, permissionless digital asset.
Use Wormhole to create a decentralized wrapped Bitcoin asset (tBTC) and that will enable holders to unlock their Bitcoin’s value to borrow and lend, mint stablecoins, and provide liquidity without having to trust centralized intermediaries.
Going cross-chain with Wormhole has enabled the Threshold community to:
Threshold cryptography is a revolutionary technology that uses cryptography to unlock greater utility and usability for digital assets without needing to trust a centralized party. Threshold cryptography disperses operations among various nodes, requiring a specific number to collaborate for success.