About tBTC

tBTC is an ERC-20 token on the Ethereum blockchain that is fully backed by Bitcoin on a 1:1 basis and represents the first application built on the Keep Network. Unlike other BTC-backed tokens like wBTC, tBTC is designed to be trustless and non-custodial, meaning it does not rely on a centralized custodian. When tBTC is minted in exchange for BTC, the private keys of the Bitcoin are stored securely in encrypted off-chain containers within the Keep Network, eliminating the need for a trusted intermediary. Although tBTC aims to stay pegged to BTC, market activity on platforms like Kraken can cause its value to diverge from Bitcoin's. Notably, tBTC has been upgraded from version 1 to version 2, enhancing its features and security. For more details, see: https://blog.threshold.network/an-updat...