Bware Labs AMA Recap

Bware Labs AMA Recap
Bware Labs AMA Recap
Myko (CryptoDiffer)
Hello, everyone!😁 We are glad to meet here: Donnie Kim, Founder of BTC Proxy
hello MYKO and the Crypto Differ community! its great to be here and to introduce BTC Proxy
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Myko (CryptoDiffer)
Welcome Donnie, thank you for taking your time today!
Bware Labs AMA Recap
Myko (CryptoDiffer)
Our team has prepared 3 questions for you to start with Are you ready?
yes im ready
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Myko (CryptoDiffer)
great! Let's start with the introduction Q1: Can you introduce yourself to our community?
My name is Donnie and I am the founder of BTC Proxy and also the CTO of Kryptoin. . Our focus is the intersection of Bitcoin and ETFs which are Exchange traded Products Kryptoin is in the regulated Asset Management space where our Directors have managed over 70 Billion and managed the GLD which was the largest Gold ETF. We are also currently engaged in the application for a US Bitcoin ETF. There are many similarities in Exchange Traded Funds and Stable Coin structures and we have applied these fundamentals to BTC Proxy so that it can be qualified for institutional usage
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Myko (CryptoDiffer)
nice answer! Let's now move on to the project) Q2: Can you introduce BTC Proxy to us?
Our project is focused around one thing and that is to bring Bitcoin Holders - particularly large bitcoin holders into DeFi. BTC Proxy is an institutional Grade Bitcoin Bridge built on Matic L2 The mission of the BTC Proxy Protocol is to offer an institutionally qualified solution to bridge Institutional Bitcoin to DeFi. BTC Proxy’s key feature is the way Bitcoin is held. It is held by an insured and regulated custodian with insurance. You see large holders cannot simply convert their bitcoin or send it over a bridge and start using Uniswap. There’s too much risk. So our solution makes it safer to use. Its also built on Matic layer-2 so that Ethereum gas Fees are drastically reduced up to 4X less than our competitors. So it makes it cheaper to use.
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Myko (CryptoDiffer)
Cool, now when we've got acknowledged with the idea let's look on your previous and future goals Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Sure Our product is fully built you can find it at btcpx.io it is currently on testnet so pls dont send real bitcoins it is integrated to ERC20 and Hex Trust custodian but we plan to integrate to Gemini Custody next and BSC to further onboard USA Institutions We have currently completed our Private Round Raise in conjuction with Alphabit and Launchpool this is a partial list of all of the investors We have direct investment from Matic as a solution and are part of the TDeFi Accelerator One of the most important benefits of $PRXY token is the function for Farming Bitcoin I believe we are the only protocol that allows for this When the underlying protocol BTCpx is minted or redeemed at BTCpx.io the users pay a small fee that fee is in Bitcoin and it is shared with the stakers of $PRXY 👍
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Myko (CryptoDiffer)
Woah! That was a detailed explanation! Thank you) Thank you for such valuable and interesting answers! It is time to move to the community questions part.
okk
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Cryptodiffer Community
How much do you charge for minting and redeeming BTCpx, Is it the same fee for both process? how in line and cheaper are these fees when compared to your competitors? How simple and easy is it to mint or redeem BTCpx? Can you highlight some of the processes involved?
The charge to mint is 0.1% and to redeem is 0.3%. This is in line with our competitors but because our system is built on L2 the gas fees are 70% cheaper
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Cryptodiffer Community
What does it mean to say "BTC Proxy is an institutional grade BTC Wrapper"? Does this implies that you only target large institutions and not an average crypto investor like me?
When we say its institutional grade we mean that it qualifies for usage by institutions. The Bitcoin is held in custody by 3rd party, it is insured, and the entitity is regulated and licensed. You as the individual user can use it and enjoy those benefits also
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Cryptodiffer Community
Compared to WBTC, BTCpx has what advantage? What will BTCpx expect in the near future?
thank you for understanding who are competitors are this table prepared by FOMOcraft shows how our system is compared to them The difference is our system is L2 and saves gas, the Bitcoin is held in insured custody and we have a slick UI
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Cryptodiffer Community
Is your token distribution supply concept fair and reasonable?
$PRXY is the governance token for BTCpx and it is being released with a very small initial marketcap of only 829K the entire marketcap is 21M and that is released monthly over 2 years Our private round is complete, we are scheduled for an IDO next month and after this we should be on Uniswap and a CEX
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Cryptodiffer Community
To convert BTC to BTCpx, do I need to go through some kind of special verification for personal data? and if we convert to BTCpx what profit will we get?
No the User Interface is permissionless unless you are from the USA and special OFAC countries
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Cryptodiffer Community
There has been an increasing interest of institutional investment such as Tesla, GrayScale etc; in BTC. So, how can $BTCpx serve institutions better than other wrapped BTC?
Yes many institutions are coming aboard every day. But they are generally investing in BTC only. At some point in time they will want to earn yields on that investment safely. BTCpx provides them with an insured gateway so that they can participate and earn through DeFi
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Cryptodiffer Community
Why is BTC Proxy cheaper than RenBTC? What are the advantages of BTC Proxy compared to RenBTC?
the cost to use renBTC is 0.3% to mint. for BTCpx it is 0.1%. The larger cost is the gas fees and by using BTCpx you will save 70% in gas fees not to mention that when you deposit your BTC with Ren that it goes into their protocol and they hold it. Wheras with BTCpx it is held by a 3rd party custodian - like a bank and it is insured 👍
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Myko (CryptoDiffer)
Great! Thank you for your time, Donnie!
you are welcome
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Myko (CryptoDiffer)
Thank you to everyone who took part! Chat is unmuted)
it was a pleasure to be here you have a wonderful community
Donnie Kim
Donnie Kim
Bware Labs AMA Recap
Cryptodiffer Community
I would like to know why the community should not stop joining your project? what do you say?
This one question came in and I can answer it why should the community join our project is what I guess was asked well the directors of this project have managed over 70B in Gold ETFs and we understand why it is important to structure a product that is suitable for institutions we incentivize the holders of $PRXY so that they may benefit by farming BTC which is the King of Incentives so buy $PRXY and participate in governance while earning BTC Thank you again!!
Donnie Kim
Donnie Kim