Lombard on Wed., Feb. 11, launched Bitcoin Smart Accounts, a new product that allows institutions to use their Bitcoin in decentralized finance (DeFi) without moving it out of custody.
Lombard is a DeFi protocol with more than $1 billion in total value locked (TVL), according to DeFiLlama. The new product allows Bitcoin held with custodians, in MPC setups, or in self-custody wallets to be used as on-chain collateral, according to a press release viewed by The Defiant.
The process eliminates the need to transfer Bitcoin to a DeFi platform first, allowing institutions to keep their BTC in their existing custody arrangements. Bitcoin is currently trading at $67,615, down 1.5% on the day, per CoinGecko.
To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
