Nomic’s nBTC will compete with wBTC and come without controversy or centralization concerns.
Layer-1 blockchain Nomic will begin supporting Ethereum on its decentralized Bitcoin custody engine on a testnet launched Sept. 12. This will allow Nomic users to on- and off-ramp Bitcoin (BTC) on Ethereum without a third-party, centralized custodian.
Thus, Nomic’s native nBTC can be used in place of Wrapped Bitcoin (WBTC), which is backed by BTC held in reserve by a custodian.
nBTC provides a trust-minimized solution for using Bitcoin in decentralized finance and may, in the future, be used on other Ethereum Virtual Machine (EVM)-based chains. Matt Bell, CEO of Turbofish, the founder and core contributor of Nomic, said:
