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.