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Cryptocurrency News Articles

Cardano Expands DeFi with BitcoinOS Partnership

Oct 26, 2024 at 10:38 am

The recent announcement revealed that Cardano now has direct access to Bitcoin's liquidity through the BitcoinOS Grail bridge.

Cardano Expands DeFi with BitcoinOS Partnership

Tech Report is one of the oldest hardware, news, and tech review sites on the internet. We write helpful technology guides, unbiased product reviews, and report on the latest tech and crypto news. We maintain editorial independence and consider content quality and factual accuracy to be non-negotiable.

Cardano recently gained access to $1.3 trillion in Bitcoin liquidity through a new bridge with BitcoinOS (BOS). The BitcoinOS Grail bridge, which went live on Thursday, will allow for secure cross-chain transactions using ZK.

Cardano expands DeFi with BitcoinOS partnership

The recent announcement revealed that Cardano now has direct access to Bitcoin’s liquidity via the BitcoinOS Grail bridge. This partnership is a strategic move to enhance Cardano’s decentralized finance ecosystem by integrating the world’s largest cryptocurrency.

BitcoinOS is a platform that aims to securely connect Bitcoin assets with other blockchain networks. This integration will allow Bitcoin to operate within Cardano’s DeFi space. According to a BitcoinOS post, their bridge only requires “a single honest participant within a pool of potentially hundreds of operators” to keep user funds secure.

To achieve this, the project will be using zero-knowledge (ZK) cryptography technology between the Cardano and Bitcoin networks. The technology uses verified transactions, which will instill user confidence in a decentralized and secure environment. Moreover, EMURGO is actively developing tools and services to attract Bitcoin’s capital into the Cardano ecosystem.

These tools will also support the flow of ADA tokens into the Bitcoin networks.

Zero-knowledge cryptography enables secure cross-chain transactions

At the heart of the Cardano-BitcoinOS partnership lies zero-knowledge cryptography. In a recent press release, Emurgo elaborated on the implications of integrating ZK cryptography technology.

According to the company, the zero-knowledge approach creates a bridge through BitcoinOS, allowing for verified Bitcoin transactions on Cardano’s network. The ZK BitSNARK verification protocol, developed by BitcoinOS, plays a crucial role in this process.

“Cardano DeFi dApps like Fluid Tokens and more will integrate trustless BTC so their users can benefit from the original cryptocurrency securely through ZK-verified trustless bridging,” said Emurgo.

In the press statement, Ken Kodama, CEO of Emurgo, expressed optimism regarding the integration. Kodama explained that zero-knowledge technology could unlock “new cross-chain capabilities,” allowing Cardano users to access Bitcoin without intermediaries. He highlighted that the partnership could drive broader DeFi adoption within Cardano’s ecosystem.

Edan Yago, CEO and Co-founder of BitcoinOS, also shared his excitement about the recent development and expressed enthusiasm about enabling “near-trustless BTC” on Cardano’s decentralized blockchain network, which is touted as one of the most distributed in the crypto industry.

“BOS has consistently accelerated Bitcoin scaling through a full-fledged solution for dApps and L2s,” said Yago. “Partnering with EMURGO to unlock Cardano’s potential is a powerful example of BOS’s broader impact across the industry.”

Hoskinson celebrates the integration

Cardano founder Charles Hoskinson welcomed Bitcoin to Cardano’s ecosystem with an animated image showing the two networks embracing. The image, shared on social media, featured animations of both networks with open arms, to signify the collaboration.

In a playful tweet, Hoskinson tagged SundaeSwap, Cardano’s decentralized exchange (DEX) platform, suggesting that Bitcoin might be looking for a DEX to service assets issued through BitcoinOS. SundaeSwap humorously responded, saying they’re “happy to get them situated.”

This new development positions Cardano as a prominent player in the DeFi sector, offering a broader, secure, and decentralized ecosystem.

News source:techreport.com

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