The Celo Foundation, the regulator of the Celo blockchain platform, announced today that at 4:00 pm UTC on June 24th, Bitcoin trading will be launched on Ubeswap, a decentralized exchange and automation based on Celo’s assets Market maker agreement.
with package, Users will now be able to benefit from the fast, low-cost, mobile-first experience provided by Celo while trading Bitcoin. The Celo ecosystem includes a decentralized proof of stake Blockchain technology stack (Celo platform), one native asset (CELO), two stable coins (cUSD and cEUR).
“We are very happy to cooperate with Tokensoft, Ubeswap, and introduce Wrapped Bitcoin (cBTC) into the Celo ecosystem. Combining the first batch of digital currencies with Celo’s mission and mobile-first technology will make DeFi easier for 6 billion smartphone users worldwide .”
– Xochitl Cazador, Ecosystem Celo Foundation
Liquidity mining, APY up to 50% or more
Those who are interested in becoming a liquidity provider (LP), Pre-registration is now open Used for cBTC transactions on Ubeswap. In addition to earning pro-rated transaction fees similar to other DEXs; Ubeswap incorporates Bitcoin transactions into its liquidity mining plan. This means that the potential rate of return is as high as 50% or higher, and there is no lock-in.
“Ubeswap’s goal is to provide a strong liquidity foundation for the new assets launched on Celo. We are very happy to work with the Celo Foundation and Tokensoft to introduce Wrapped Bitcoin (cBTC) to Celo. We look forward to the growing DeFi ecosystem at Celo. Support cBTC in many applications.”
– Ian Macalinao, lead developer of Ubeswap
CBTC/mcUSD on Ubeswap will start at 4:00 PM UTC on June 24th
At 4:00 PM UTC on June 24th, Bitcoin transactions will be launched on Ubeswap in the form of cBTC/mcUSD. All cBTC use qualified custodian Anchorage and BTC 1:1 support. mcUSD is the yield version of cUSD implemented by the non-custodial currency market Moola protocol Built on the Celo blockchain.
The price of cBTC/mcUSD is designed to follow the price of BTC/USD. In order to trade, users can enter Ubeswap and connect to their Valora, Ledger or MetaMask.
“Celo has brought a blockchain platform to the market. The platform is a leader in engineering and lightweight in processing; we are very pleased to be able to enable the Bitcoin market on the mobile-first blockchain Celo.”
– Mason Borda, CEO of Tokensoft
