Hex Trust Partners with Acurast to Enhance Security and Accessibility of tzBTC

New Partnership Announcement

Hex Trust has announced a strategic partnership with Acurast to enhance the security and accessibility of tzBTC. As a keyholder of tzBTC, Hex Trust will provide Acurast Processors that utilize a Bitcoin multi-signature wallet for trustless management of the wrapped Bitcoin supply through minting and burning tzBTC.

About tzBTC

tzBTC allows users to activate their Bitcoins on other blockchains that are decentralized, transparent, and compliant. Its automated system makes tzBTC the most cost-effective product available, with regulated operators ensuring security, trust, and transparency. No single entity owns tzBTC, maintaining its decentralized nature.

The Role of Keyholders and Gatekeepers

Previously, acquiring tzBTC involved Bitcoin custody managed by trusted institutions called Keyholders, who maintained tzBTC’s supply and its 1:1 peg to Bitcoin. Gatekeepers, authorized by Keyholders, conducted KYC and AML checks for minting or burning tzBTC, ensuring compliance and transparency in the process.

Introduction of tzBTC 2.0

The need for tzBTC 2.0 arose due to limitations in accessibility and cost-effectiveness of the original version. The new and improved version addresses these shortcomings, making the process more user-friendly and accessible to a broader audience.

Acurast’s Role in the tzBTC Ecosystem

The tzBTC bridge is built on Acurast’s confidential compute platform. To bridge from BTC to tzBTC, users send BTC to a Bitcoin Redeem-Script governed by the Keyholders and their Acurast Processors. These processors observe and verify the transaction on the Bitcoin network. Once confirmed, they act as signers authorized to sign a minting transaction on the tzBTC contract on Tezos.

Automation and Security

Acurast’s execution environment automates the security-sensitive processes of tzBTC. It uses secure elements within mobile devices to prevent interference or manipulation of the automation logic, even by the Keyholder. Gatekeepers accept BTC after conducting KYC and AML checks and allocate tzBTC in return. Acurast Processors then sign the minting transaction on the tzBTC contract on Tezos, ensuring a secure and efficient process.

About Hex Trust

Hex Trust is a licensed digital asset custodian that supports protocols, foundations, financial institutions, and the Web3 ecosystem. Its mission is to simplify asset ownership in decentralized markets and secure a future where anyone can participate without permission.

About Acurast

Acurast is a serverless, decentralized cloud that allows anyone to contribute compute power with their mobile phones, even those with smashed screens, and earn rewards. It offers developers permissionless access to trustless, affordable, and confidential compute resources for deploying their applications.

Final Thoughts

The partnership between Hex Trust and Acurast represents a significant advancement in the management and accessibility of tzBTC. By combining Hex Trust’s secure custodial services with Acurast’s innovative computing solutions, users can expect a more efficient, secure, and cost-effective wrapped Bitcoin product.