Bitcoin goes live on Celo on June 24
Wrapped Bitcoin becomes tradable as cBTC on Ubeswap, a decentralized exchange on Celo
We’re excited to announce that on June 24th at 4:00PM UTC, Bitcoin trading will go live on Ubeswap, a decentralized exchange and automated market maker protocol for Celo assets. Users will now be able to benefit from the fast, low-cost, mobile-first experience that Celo provides and trade Bitcoin at the same time.
“We’re very excited to collaborate with Tokensoft, Ubeswap, and bring Wrapped Bitcoin (cBTC) to the Celo ecosystem. Combining one the first digital currencies with Celo’s mission and mobile-first technology will make DeFi more accessible to the 6 billion smartphone users around the world.”
— Xochitl Cazador, Ecosystem Celo Foundation
Liquidity mining with up to 50% or more APY
Those interested in applying to become a qualified liquidity provider (LP) can pre-register now for Bitcoin trading on Ubeswap, a mobile-first DeFi exchange (DEX). In addition to earning a pro-rata share of trading fees similarly to on other DEXs, Ubeswap will be including Bitcoin trading in its liquidity mining program which means potential yields of up to 50% or more, with no lockups. Current yields for other pairs can be found on Ubeswap’s farm page.
“The goal of Ubeswap is to provide a strong liquidity foundation for new assets launching on Celo. We’re excited to be collaborating with the Celo Foundation and Tokensoft to bring Wrapped Bitcoin (cBTC) to Celo. We’re looking forward to supporting the many applications of cBTC within Celo’s growing DeFi ecosystem.”
— Ian Macalinao, Lead Developer of Ubeswap
cBTC/mcUSD trading on Ubeswap to begin on June 24th at 4:00PM UTC
On June 24th at 4:00PM UTC, Bitcoin trading will go live as cBTC/mcUSD on Ubeswap. All cBTC is backed 1:1 with BTC using a qualified custodian, Anchorage. mcUSD is a yield bearing version of cUSD made possible by Moola. Moola is a non-custodial money market 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 onramp onto Ubeswap and connect their Valora, Ledger or MetaMask.
“The Celo platform has brought to market a blockchain platform that is both cutting edge in its engineering and lightweight in its processing, we’re excited to enable bitcoin market on Celo, the mobile-first blockchain.”
— Mason Borda, CEO of Tokensoft
Tokensoft is a leading technology platform for blockchain-enabled assets based in Austin, TX. The Tokensoft platform enables forward-thinking enterprises, asset managers, and financial institutions to fundraise, manage investors, and access secondary market liquidity using the blockchain. The Tokensoft platform has processed investors in over 50 countries and Tokensoft clients have a combined market capitalization over $10 billion. For more information, visit Tokensoft.io.
About Anchorage Digital
Anchorage Digital provides institutions simple and secure participation in digital assets, all integrated with custody. As the first federally chartered crypto bank, Anchorage offers the most advanced digital asset platform for institutional investors and setting a new standard for security and usability. With secure custody at its core, Anchorage offers financial solutions for today and tomorrow. Learn more at anchorage.com and @Anchorage.
Celo is a mobile-first, open-source ecosystem of technologies, organizations and individuals that all share a common mission of building a financial system that creates the conditions for prosperity for everyone. The Celo ecosystem includes a decentralized, proof-of-stake blockchain technology stack (Celo Platform), a native asset (CELO), two stablecoins (cUSD and cEUR) and the Celo Foundation’s Alliance for Prosperity, with over 130 organizations around the world, including Andreessen Horowitz, Anchorage, Coinbase, GSMA, Mercy Corps, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to growing and developing the Celo ecosystem. For more information on Celo, please visit celo.org.
Ubeswap is a mobile compatible fork of Uniswap running on the Celo blockchain. To use Ubeswap, first download and set up the Valora wallet. You can then purchase Celo Dollars (cUSD) on the Valora app. Once you have some CELO or cUSD to trade, log on to app.ubeswap.org with Safari (on iOS) or any browser on Android. If you’re on a desktop computer, you can use either a Ledger Nano (recommended) or MetaMask to trade.
Moola is a money market protocol that enables owners of Celo assets to earn compound interest by depositing into lending pools. Interest is paid by borrowers who take over-collateralized secured loans and unsecured flash loans. Moola is accessible via app.moola.market or app.ubeswap.org.