Dolomite adds $100 million in Bitcoin-backed collateral and enables borrowing

Dolomite announced that the decentralized trading and lending platform has added $100 million in Bitcoin-backed collateral to Dolomite's on-chain lending market through Concrete's BTCcx infrastructure. Dolomite has also enabled borrowing against that collateral.

Concrete issues and manages BTCcx, an on-chain token deployed on Ethereum that represents underlying Bitcoin held by BitGo in qualified custody. Concrete handles issuance and management throughout the BTCcx lifecycle. Concrete supplies BTCcx as collateral for actively managed borrowing positions on Dolomite. The arrangement allows borrowing without first selling the underlying Bitcoin or moving the Bitcoin out of custody.

The deployment follows WLFIcx and extends the collaboration between Concrete and Dolomite from WLFI to Bitcoin. The deployment uses the AssetCX architecture to introduce Bitcoin assets into Dolomite's lending market.