DFINITY Foundation Unveils ‘Bitcoin Twin’ on the Internet Computer

The DFINITY Foundation, the organization behind the Internet Computer Protocol ecosystem, launched Chain-Key Bitcoin (ckBTC) — a token backed 1:1 by Bitcoin.

?#ckBTC is now fully released ?

Proposals 115468, 115470 & 115473 have been adopted with flying colors. Many thanks to all #ICPeople who voted manually to make this happen ?

If you have #BTC in your wallets, you can now give it real utility on #ICPhttps://t.co/IO6ZvIQbQt

— DFINITY (@dfinity) April 3, 2023

According to the statement, this brings second‑layer capabilities to the premier cryptocurrency, delivering faster and cheaper transactions without compromising security.

The initiative is a local registry with fees of 10 satoshis (0.0000001 BTC) and only calls on the Bitcoin network when necessary.

Direct ckBTC integration with the Bitcoin blockchain expands its use in DeFi applications without relying on centralized cross‑chain bridges with their inherent vulnerabilities.

Unlike wrapped tokens, ckBTC uses canisters — smart contracts for asset transfer — and does not require intermediaries. Users deposit Bitcoins to a deposit address and receive an equivalent amount of ckBTC on supported networks. A reverse conversion is also guaranteed.

In January 2022, developers completed the first phase of integration between the Internet Computer and the Bitcoin blockchain. They finalised the work in November.

“With the release of ckBTC, the protocol interacts seamlessly with the Bitcoin network, as if they were one blockchain — there is no need for bridges, custodians or intermediaries”, says the statement.

Earlier in January, the DFINITY Foundation announced announced the launch of the first decentralized exchange Sonic on the Internet Computer.