DeFi platform Sushi Swap is bringing Bitcoin to its platform as it expands to ZetaChain. This move allows users to access Bitcoin liquidity directly through the DeFi platform. Meanwhile, stablecoin giant Tether plans to invest $500 million in BTC mining operations.
Sushi Swap adds native Bitcoin support!
Decentralized finance platform Sushi has made a new move to add native Bitcoin (BTC) support. In this vein, Sushi announced that it is expanding to layer-1 Blockchain ZetaChain. In the statement made by Sushi, it was stated that with the addition of ZetaChain, which raised $ 27 million earlier this year, the first local BTC trade in DeFi will be carried out. Additionally, the DeFi platform noted that users can exchange BTC over 30 networks without the need for a wrapped transaction. Wrapping a coin allows it to be used on a different Blockchain than its original Blockchain. Jonathan Covey, one of the main participants of ZetaChain, said the following regarding the Bitcoin move:
We aim to enable Bitcoin holders to engage with core DeFi primitives such as trading, as well as more sophisticated applications such as lending and borrowing. By allowing Bitcoin to be used with Sushi, we are enabling it to move beyond its traditional use case as just a store of value. Bitcoin is the largest liquidity pool. So there’s a lot of opportunity for developers to incorporate this into all kinds of Defi applications.
Tether will invest in BTC mining operations
The stablecoin giant recently reported a cash surplus of $3.2 billion in its Q3 financial statements. This gave it ample room to make strategic investments. This financial redundancy enables the company to undertake such a significant investment. The investment includes part of a $610 million loan to Bitcoin mining company Northern Data AG.
Meanwhile, Tether is building mining facilities in Uruguay, Paraguay and El Salvador. The capacity of each of these facilities varies between 40 and 70 megawatts. Tether’s new CEO, Paolo Ardoino, has expressed his commitment to scaling their share of total computing power for the Bitcoin network to 1%. This goal puts Tether on the path to becoming one of the top 20 BTC mining companies in the world. It also underlines the depth of investment and ambition driving this new initiative.
As you follow from Kriptokoin.com, Tether’s entry into Bitcoin mining comes at a sensitive time, with major players such as Compute North and Core Scientific recently filing for bankruptcy. Therefore, Tether’s strategy to build mobile mining facilities shows that it plans for agility in adapting to fluctuating energy costs and market conditions. Therefore, it is possible for the stablecoin giant to emerge as a dominant force in the industry.
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