Celo network users can now access Wrapped Bitcoin (cBTC) on Ubeswap

Celo network users can now access Wrapped Bitcoin (cBTC) on the Ubeswap DEX

Today it was announced from the team of blockchain network Celo, that bitcoin trading is now live on Ubeswap under the ticker symbol cBTC. Ubeswap is a decentralized exchange and automated market maker protocol for Celo assets. Users can trade on Ubeswap by using Ledger, Valora, or MetaMask.

All cBTC is backed 1:1 with BTC using a qualified custodian

Bitcoin users on the Celo network can now take advantage of the fast, low-cost, mobile-first experience that Celo provides and trade fully-backed bitcoin at the same time.

Liquidity mining

In addition to earning a pro-rata share of trading fees similar to other DEXs, Ubeswap has included bitcoin trading in its liquidity mining program. This means potential yields of up to 50% or more with no lockups for supplying liquidity to cBTC/mcUSD.

mcUSD is a yield-bearing version of cUSD made possible by Moola; a non-custodial money market protocol built on the Celo blockchain. The price of cBTC/mcUSD is designed to follow the price of BTC/USD. Current yields can be found on Ubeswap’s farm page.

Those interested in becoming liquidity providers (LPs) can also register now.

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