The Celo Foundation, the overseers of the Celo blockchain platform, announced today that on June 24th at 4:00 PM UTC, bitcoin trading will go live on Ubeswap, a decentralized exchange and automated market maker protocol for Celo-based assets.
With Wrapped, 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. The Celo ecosystem includes a decentralized, proof-of-stake blockchain technology stack (Celo Platform), a native asset (CELO), two stablecoins (cUSD and cEUR).
“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 to be a liquidity provider (LP), pre-registration is now open for cBTC trading on Ubeswap. In addition to earning a pro-rata share of trading fees similar to other DEXs; Ubeswap is including bitcoin trading in its liquidity mining program. This means potential yields of up to 50% or more, with no lockups.
“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 on Ubeswap starts June 24th at 4:00 PM UTC
On June 24th at 4:00 PM UTC, bitcoin trading will go live as cBTC/mcUSD on Ubeswap. All cBTC is backed 1:1 with BTC using qualified custodian, Anchorage. mcUSD is a yield-bearing version of cUSD made possible by Moola, 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 on-ramp onto Ubeswap and connect their Valora, Ledger, or MetaMask.
“Celo 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