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Starknet (STRK), an Ethereum (ETH)-based layer-2 network, has announced the launch of its new Bitcoin-based product.
Accordingly, Starknet launched strkBTC, a new Bitcoin-based asset designed to enable protected balances and private transfers.
Starknet described this asset as a privacy infrastructure built with regulatory compliance in mind.
strkBTC is not traded directly on the Bitcoin main chain. Instead, it is a Bitcoin wrapper asset mined on Starknet.
strkBTC allows users to move their assets to new Bitcoin addresses that are not linked to their existing transaction history. Built with zero-knowledge (ZK) cryptography, strkBTC also provides auditability and asset screening features for regulatory compliance.
Damien Chen, Starknet Foundation’s vice president of growth, said the following:
“In an environment where criminals are monitoring public records, using AI to track wallets, and attacking people’s cryptocurrencies, privacy is no longer just an ideal.”
Privacy is both a need and a right. We urgently need privacy solutions that close the curtains, preventing criminals from peering through the window to plot against their targets.
Bitcoin is the most sovereign currency ever created, and also the least private currency used by most people. That’s why we’re launching strkBTC, because the world has changed since 2008.”
Starknet also added that they plan to expand strkBTC’s use cases to include private lending, anonymous trading, and yield-generating decentralized finance services.
*This is not investment advice.
bitcoinworld.co.in
coindesk.com
decrypt.co