Native Bitcoin, Not WBTC
You deposit real BTC on the Bitcoin network. It is not wrapped into WBTC or moved to Ethereum: it stays on the Bitcoin blockchain, held by the NEAR Intents bridge, and the lending contract tracks it 1:1 as your collateral. Skipping WBTC also avoids the custody complications that wrapping can introduce.
When your deposit confirms, a 1:1 BTC token on the NEAR network is credited to your account. When you confirm your loan, that token is locked in the lending contract as the record of your collateral. When you repay, the lock is released and the bridge sends your BTC to a Bitcoin address you choose.
Who Holds Your BTC
The NEAR Intents bridge holds the BTC you deposit. Bitlendex never holds it. After your deposit confirms, the bridge moves the BTC from your deposit address to its shared Bitcoin treasury.
The bridge is a third-party service. You rely on it to hold the BTC and to send it back when you withdraw. Like any custodian, it can pause withdrawals, for example during a security incident.
- No Bitlendex keys — Bitlendex holds no keys to your BTC or to your collateral token, so it cannot move either one.
- Immutable contracts — the lending smart contracts have no admin keys, so loan terms can't be quietly changed.
- Independently audited — contracts have been reviewed by Certora, Halborn, Thesis Defense, and Guvenkaya, including formal verification.
What If Bitlendex Disappears?
Because the contracts are immutable and your access is self-custodial, your collateral record is controlled by code — not by the company. Even if Bitlendex were compromised or shut down, you could interact directly with the smart contracts to repay and reclaim your collateral.
Want to confirm your collateral is really there? You can check it yourself on public block explorers.
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