Anchorage launches support for DeFi KEEP token

 

Crypto-currency custodian Anchorage continues to expand its focus on decentralized finance (DeFi), announcing support for Keep Network token custody.

The KEEP token drives tBTC, an open-source, untrusted protocol that allows the creation of Ethereum tokens representing Bitcoin (BTC) that are used to access DeFi-based protocols.

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The protocol also facilitates the autonomous containerization of users‘ private data when they participate in public chains, reinforcing the privacy enjoyed by DeFi users.

Anchorage extends support for DeFi assets
In a conversation with Cointelegraph, Anchorage co-founder and president Diogo Monica underscored the need for custodians to adapt to new trends in cryptomoney, stating that „the increasing complexity of DeFi is beginning to highlight the shortcomings of offline storage custody and manual human handling.

„The Anchorage platform was created to accommodate any blockchain use case without exposing customer assets to this type of additional risk,“ he added.

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In April, Anchorage announced that it would support the Compound Governance Token (COMP) at its launch.

Keep CEO Matt Luongo expressed the company’s pride in partnering with the custodian, stating, „With world-class partners like Anchorage, we are able to create the bridge that brings Bitcoin’s wealth to the DeFi ecosystem.

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BTC tokens proliferate
Keep raised $7.7 million in a token sale in early April to seed the launch of its trusted tBTC protocol later that month.

Keep’s launch comes as a growing number of projects compete to emerge as leaders in the creation of collateralized BTC tokens to power DeFi, with PieDAO launching its Iq Option ++ group and Ren’s VM launched last month.

However, the growth of these assets has not been without controversy, with an inherent vulnerability to the token standard employed by Tokenlon’s imBTC leading to targeted hacking of Uniswap and DForce during April.