SideSwap reopens Bitcoin swaps, 600 peg-outs processed since October 20

SideSwap has reopened conversions from synthetic Bitcoin token L-BTC to Bitcoin. Direct withdrawals from the Liquid Federation remain restricted, but SideSwap has processed about 600 peg-outs and paid over 60 BTC since its reopening on October 20. Users can convert L-BTC to Bitcoin at a 1:1 rate minus a 0.1% fee through the app or website. SideSwap pays users from its own Bitcoin wallet and swaps L-BTC for Bitcoin in bulk, separating customer conversions from inventory replenishment. Pending peg-outs are queued and paid in order once Bitcoin reaches SideSwap's wallet. The Federation's recovery update on October 20 indicates that full 1:1 Bitcoin backing must be restored before direct withdrawals can resume. No timeline for this final stage has been provided.

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