Synthetix, a decentralized synthetic asset platform, today has released a synthetic on the . This release allows users to gain non-custodial exposure to , which means they don’t need to trust an institution or protocol to hold the underlying asset.
The launch comes as part of a wider release of more synthetic assets, including silver and a variety of fiat currencies.
Synthetix’s synthetic (sBTC) provides access to the value of without the friction of owning a or holding it. It also enables it to be used within the ecosystem, for such purposes as or any one of the many others available on the .
sBTC is just one of many synthetic assets (called Synths) that are available for on , a platform that allows anyone to access a wide variety of assets without a counterparty. Synths are backed by cryptoassets, which means they’re decentralized and trustless, and liquidity is much easier because it doesn’t require a party to hold the underlying asset.
Synthetix founder Kain Warwick says sBTC is an important new addition to the ecosystem, as well as a sign of exciting things to come from Synthetix. “ still doesn’t have a programmable synthetic as an ERC20 without major liquidity restrictions or custodial risk, so sBTC is providing real utility. It’s an example of the benefits of the flexibility of a distributed collateral pool of cryptoassets, which will allow us to continue to offer new possibilities not offered anywhere else.”
As part of the launch, Synthetix is also releasing synthetic versions of currencies from Singapore, New Zealand, Canada, India, Russia, , and more. It is also releasing the full version of its platform, Synthetix.Exchange, where these Synths can be traded seamlessly. Stocks and indices, as well as derivatives , will be added as Synths in the next few months.
Published at Tue, 26 Feb 2019 09:15:45 +0000
