Bitcoin Assets Custody
Overview
Photon enables users to independently verify the assets backing PBTC and their delta-neutral trading positions, which are critical components of PBTC management for secure deposit, withdrawal, and yield generation of Bitcoin assets.
Direct read access to the custodial wallet APIs, exchange sub-account APIs, and relevant on-chain wallets and contracts holding assets are provided.
The dashboard, APIs, and addresses interacting with mint and redeem contracts are as follows:
Coming Soon.
Backing assets are secured and managed solely in audited smart contracts and Multi-Party Computation (MPC) wallets by regulated and licensed custodians. The use of MPC-enabled licensed custodians ensures that assets are held outside of exchanges while enabling delegation of assets to both centralized and decentralized liquidity venues through Off-Exchange Settlement (OES) solution for scalable delta-neutral yield generation and risk mitigation. This setup also ensures that no single entity has complete control over the backing assets.
PBTC users can initiate the minting and redeeming of PBTC on demand, and the Photon system processes these requests promptly, ensuring assets are neither locked nor denied access, and thus eliminating user frictions.
All users can verify the balance and control of these backing assets, with periodic attestation reports provided by custodians and independent third parties to ensure transparency. These attestation reports are crucial for assets held in omnibus accounts where on-chain addresses are not available.
Onboarded Custodians
Coming Soon
Summary of Key Benefits
On-chain proof of funds with institutional-grade, secure custody
Elimination of user friction for on-demand minting and redeeming
Mitigated liquidity risks without compromising backing assets
Photon Labs and direct stakeholders maintain control of backing assets with robust governance and security protection
Independent and transparent verification of backing assets with regular attestations
Adherence to regulatory standards with solutions provided by regulated and licensed custodians
Continuous availability of assets without locking or denying access
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