Threshold Network Integrates Chainlink Proof Of Reserve

Twitter icon  •  Published 1 week ago  •  Hassan Maishera

The Chainlink team announced via Twitter on Thursday that Threshold, a platform that provides cryptography services, has integrated the Chainlink Proof of Reserve with the tBTC v2 bridge on the Ethereum mainnet.

The Chainlink team announced via Twitter on Thursday that Threshold, a platform that provides cryptography services, has integrated the Chainlink Proof of Reserve with the tBTC v2 bridge on the Ethereum mainnet. The integration is designed to help securely monitor BTC deposits on the platform 

Furthermore, Chainlink nodes will be able to read the amount of Bitcoin custodied in the tBTC reserves wallets to help inform dApp users. Threshold Network added that this automated verification would help enable tBTC holders and DeFi apps accepting tBTC as collateral to verify that every tBTC minted is fully backed by BTC at a rate of 1:1

Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is up by more than 3% over the past 24 hours and is trading at $6.313 at press time. 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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