Singapore-based crypto exchange AscendEx announced on the 24th that it has listed BTC Proxy token (PRXY). This is the first time that PRXY, the governance token of BTC Proxy, a Bitcoin cross-chain bridge, has been listed on a centralized exchange.
The exchange has listed the token under the trading pair of USDT/PRXY.
BTC Proxy is a Bitcoin bridging protocol that allows Bitcoin to move over other chains and access DeFi and smart contract platforms. The protocol can transfer the value into an ERC20 token without the need for centralized exchanges, significantly reducing the risk of theft or loss.
According to the company’s blog post, only 1% of Bitcoin is accessible to DeFi and BTC Proxy is working to improve that percentage.
PRXY will act as a utility and governance token. Its listing will allow better levels of options for trading, staking, and usage for new users.