New Cardano Partnership To Unlock Bitcoin’s Billion-Dollar Liquidity For ADA Investors – Here’s What We Know
The post New Cardano Partnership To Unlock Bitcoin’s Billion-Dollar Liquidity For ADA Investors – Here’s What We Know appeared on BitcoinEthereumNews.com.
In a major move towards blockchain innovation and interoperability, Cardano has announced a new partnership with BitcoinOS (BOS), a smart contract operating system for Bitcoin, the world’s first and largest cryptocurrency. The new alliance will be aimed at unlocking Bitcoin’s trillion dollar liquidity for ADA investors and creating new opportunities for cross-chain capabilities for Web3. Cardano Announces Partnership With BitcoinOS In an official blog post on Thursday, October 24, EMURGO, the founding entity of the Cardano blockchain revealed that it will be working with the BitcoinOS to bridge Bitcoin’s massive liquidity, worth $1.3 trillion, into Cardano’s Decentralized Finance (DeFi) ecosystem. This means that Cardano users and ADA investors will be able to directly and securely use Bitcoin’s extensive capital base in Cardano’s DeFi applications. Expressing optimism about the new collaboration, the founder and Chief Executive Officer (CEO) of EMURGO, Ken Kodama highlighted the importance of the alliance, emphasizing that BOS has the ability and potential to introduce fresh cross-chain capabilities that strengthen Cardano users, ADA investors, projects within the ecosystem, developers security, and trustless access to the Bitcoin ecosystem. Moreover, Kodama disclosed that the partnership with BOS will further support a more accessible and interconnected Web3 environment across various blockchains, ultimately driving more innovation and adoption of DeFi and other decentralized solutions. EMURGO has revealed that the first technical milestone in the new partnership will be the integration of the BOS Grail bridge into Cardano’s open-source blockchain ecosystem. This Grail bridge is a core technology that will facilitate secure and trustless bridging of Bitcoin and Bitcoin-based assets using BOS’ Zero Knowledge (ZK)-backed BitSNARK verification protocol. BitSNARK is the first verification protocol to allow zk-SNARKS (Succinct Non-interactive Argument Knowledge) to run on Bitcoin with no changes to Bitcoin’s core protocol. Using this groundbreaking approach with the Grail bridge will effectively allow…
Filed under: News - @ October 25, 2024 10:23 pm