Midas Introduces mBTC Token Offering Yield for Bitcoin-Focused Resources
In a recent development, the crypto platform Midas has introduced an mBTC yield-bearing token, designed to pay out yield in Bitcoin-dominated assets. This exciting new offering is part of Midas's mission to expand access to institutional-quality products, empowering crypto users.
The mBTC token, like the mTBILL and mBASIS tokens, will only be available to non-residents of the U.S. It is an open and permissionless token, allowing integration with EVM-based DeFi products. The Ethereum-based protocol will initially support the wBTC, the biggest wrapped Bitcoin product, and Coinbase's cbBTC.
The mBTC token will collaborate with institutional asset managers and lenders to generate a yield of 4%. To achieve this, the token will employ strategies such as lending BTC on lending platforms to earn interest, providing liquidity in decentralized exchanges or protocols to earn trading fees and incentives, and sometimes leveraging BTC exposure through derivatives to capture additional yield.
The launch of the mBTC token follows the broader trend of increasing Bitcoin utility in DeFi. It will initially support yield farming on the decentralised lending protocol Morpho, before adding more DeFi products. Notably, the funding round for this project was co-led by BlockTower Capital, Framework Ventures, and HV Capital, with participation from Coinbase Ventures, GSR, Hack VC, Ledger, FJ Labs, Lattice Capital, and Theia Ventures.
Midas recently received approval to offer its products to non-accredited investors in the EU economic zone, and the launch of the mBTC token is a timely follow-up to this development. It is significant to note that this approval allows Midas to offer its products to retail investors in Liechtenstein as well.
A third-party regulated administrator will provide performance updates for the mBTC token, and the investor assets for the token will be held in a bankruptcy-remote Special Purpose Vehicle. This ensures transparency and security for investors.
For the latest and precise information about the mBTC yield-bearing token, including its exact mechanism and benefits, it is recommended to check official Midas communications or reputable crypto news outlets.
The mBTC yield-bearing token, in collaboration with institutional asset managers and lenders, aims to generate a yield of 4% through strategies like lending BTC on lending platforms, providing liquidity in decentralized exchanges, and leveraging BTC exposure through derivatives.
To stay updated about the mBTC token's mechanism, benefits, and latest developments, it's advisable to follow official Midas communications or trustworthy finance and technology news outlets.
