Fast take:
The Ethereum-based protocol will initially assist the wBTC and Coinabase’s cbBTC-wrapped Bitcoin merchandise.
Midas will collaborate with institutional asset managers and lenders to generate mBTC yield.
The announcement comes barely two weeks after Midas acquired EU regulation to supply tokenised property to retail buyers.
Midas, a crypto platform for real-world asset tokenisation has launched the mBTC yield-bearing token, which can pay out yield to holders in Bitcoin-dominated property slightly than fiat.
In keeping with the announcement on Thursday, the platform will collaborate with institutional asset managers and lenders to generate a yield of 4% for buyers.
The Ethereum-based protocol will initially assist the wBTC, the most important wrapped Bitcoin product and Coinbase’s cbBTC.
The corporate mentioned its new mBTC product will likely be “open and permissionless” permitting integration with EVM-based DeFi merchandise. The token will initially assist yield farming on the decentralised lending protocol Morpho, earlier than including extra DeFi merchandise.
Commenting on the announcement, the Midas crew mentioned in a press release: “This launch follows the broader pattern of accelerating Bitcoin utility in DeFi, as Midas seeks to increase entry to institutional-quality merchandise that empower crypto customers.”
Midas already gives two tokenisation merchandise, the mTBILL and mBASIS tokens, which aren’t accessible within the U.S., and the mBTC may also solely be provided to non-residents of the U.S.
Midas mentioned investor property for the mBTC token will likely be held in a bankruptcy-remote Particular Goal Car, with a third-party regulated administrator offering efficiency updates.
In March, Midas raised $8.75 million in a funding spherical co-led by BlockTower Capital, Framework Ventures and HV Capital, and with participation from Coinbase Ventures, GSR, Hack VC, Ledger, FJ Labs, Lattice Capital, and Theia Ventures.
Earlier this month, the corporate acquired approval to increase its tokenised U.S. Treasury payments and yield-bearing commerce merchandise to retail buyers in Liechtenstein, permitting it to supply the merchandise to non-accredited buyers within the EU financial zone.
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